Vijay Mallya arrested in London: In a major setback, liquor baron and famous business tycoon Vijay Mallya has been arrested in London. The arrest comes in connection with a money laundering case.
In a major setback, liquor baron and famous business tycoon Vijay Mallya has been arrested in London. The arrest comes in connection with a money laundering case, DD news reported. Vijay Mallya was arrested in London after Enforcement Directorate affidavit was filed in a local court. CNN News 18 has reported that ED and CBI charges will be clubbed in a London court. Vijay Mallya to appear in local court at 6.30 PM. He is likely to be released after the appearance. The liquor baron was arrested under Prevention of Money Laundering Act. Mallya is accused of diverting bank loans to tax havens. Vijay Mallya has been in London for the past several months in an attempt to evade arrest in India. Extradition proceedings against Mallya have begun. However, Mallya is expected to get bail under the extradition treaty.
Here are all the updates:-
7:46 pm: As per ANI report, charge of money laundering included in original fraud allegations made by GoI but charge that funds channeled to Force India is a new detail.
7:43 pm: The defence agreed to review the evidence& will prepare its response before the actual extradition hearing on 4th December.
6.27 pm: The embattled businessman, who has been based in the UK since he fled India in March last year, is wanted in India for his erstwhile Kingfisher Airlines’ default on loans worth nearly Rs 9,000 crore.
6.20 pm: Chief Magistrate Emma Louise Arbuthnot has been hearing Mallya’s extradition case at Westminster Magistrates’ Court on his previous arrest warrant executed by Scotland Yard in April. Mallya’s trial in that case is scheduled for two weeks, starting December 4.
6.11 pm: The CPS will be arguing the case against Mallya on behalf of the Indian government.
6.06 pm: “Vijay Mallya has been arrested on money laundering charges and will be appearing in court today,” a CPS spokesperson said.
6.00 pm: Vijay Mallya will appear before Westminster Magistrates’ Court at 2 PM (London time)
5:55 PM According to CNN News18, ED lawyer says that Vijay Mallya’s bail is procedural. Also, ED lawyer told News18 that evidence has been submitted in connection with IDBI loan case.
5:45 PM: This bail is a start of the new process as new documents and evidence were presented before the court.
5:39 PM: Mallya was arrested for the 2nd time in 5 months.
5:38 PM: Mallya is accused of Rs 9000 crore bank loan fraud.
5:36 PM: Reportedly, Mallya has secured bail now.
(This is breaking news story and it’s being updated regularly)