Setback for Vijay Mallya, India hands over extradition request to UK

By: | Updated: February 9, 2017 6:23 PM

The process of extraditing Business Tycoon Vijay Mallya from UK has started.

vijay mallya, extradition, uk, indian mea, vikas swarup, kingfisherIndian businessman, Vijay Mallya. Source: Reuters

The process of extraditing Business Tycoon Vijay Mallya from UK has started as the Ministry of External Affairs (MEA) spokesperson Vikas Swarup handed over request on Thursday. He said, “We’ve today handed over the request for extradition of Vijay Mallya as received from the CBI to the UK High Commission in New Delhi. Have extradition treaty wth Britain and legitimate case against Mallya; We made request, now,it’s for British authorities to take further action.”

You may also want to watch-

Vijay Mallya who has been living in the United Kingdom for the last 10 months is facing CBI probe for his default on the repayment of loans from IDBI that are worth over Rs 900 crores, however, he owes a total of Rs 9000 crores to several banks.

The man who was once called the ‘King of Good Times’ due to his extravagant lifestyle, Mallya has now embroiled in financial scandals and controversies since 2012. 17 Indian banks are trying to collect approximately their debt from Vijay Mallya who has allegedly routed to gain 100% or a partial stake in about 40 companies across the world.

Both the Income Tax Department and the Central Bureau of Investigation (CBI) have pressed severe charges including financial fraud and money laundering against him. All the 17 banks petitioned the Supreme Court of India in March 2016 to try to prevent Mallya from leaving the country, but the Indian government indicated that he had already left.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition