19 April 2017

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London Vijay Mallya arrested gets bail

London Vijay Mallya arrested gets bail
Rich,wanted businessman Vijay Mallya was arrested in London on Tuesday morning, based on an extradition warrant. He was later granted bail and released on a bond of £6,50,000 and is scheduled to appear in court on May 17.

India began proceedings to extradite Mr. Mallya, wanted in connection with a number of charges, including defaulting on loans amounting to ₹9,000 crores.

In a statement Scotland Yard said Officers from the Metropolitan Police’s Extradition Unit have this morning, Tuesday, 19 April, arrested a man on an extradition warrant,” liquor baron had been arrested on behalf of Indian authorities in relation to accusations of fraud.

CBI had registered a case against Mallya, Kingfisher Airlines, Chief Financial Officer of the airlines A Raghunathan, and unknown officials of IDBI Bank in its FIR alleging that Rs 900 crore IDBI loan was sanctioned in violation of norms regarding credit limits on the basis of complaint received from the bank.

In February, the Indian government handed over to British authorities a formal request for Mallya’s extradition, saying it had a legitimate case against him on charges of financial irregularities and loan default.

October 16, 2015 request to issue a lookout circular, CBI had said if Mallya tries to leave the country, he should be detained at the exit point. Nearly a month later in November, the agency asked for a revised circular where it asked the Bureau of Immigration [ BOI] to inform it about his departure and travel plans.

CBI changed the lookout notice, Bureau of Immigration [ BOI] did not make any attempt to stop him from travelling abroad and every time he travelled the agency was duly informed about it.

Mallya travelled abroad in October and returned in November, while he made two trips in first and last week of December and also a trip in January besides the recent trip reportedly to London on March 2.

Mallya fled to Britain in March 2016 after being pursued in courts by Indian banks seeking to recover Rs 8,191 crore owed by his now defunct Kingfisher Airline.

Now it will depend on the Indian Lawyers talent to get the extradition order from the London Courts.

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Wednesday, April 19, 2017

Tags – Vijay Mallya Arrested Rs. 9000 Crore London