Vijay Mallya, Indian Tycoon Accused of Fraud, Is Arrested in London

Vijay Mallya is wanted in India for defaulting on loans worth Rs 9,000 Cr related to Kingfisher Airlines that was suspended in 2012.

Beleaguered billionaire Vijay Mallya was arrested in London on Tuesday but not for long as he was soon out on bail thereby setting the stage for a long legal battle for extradition by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). Mr. Mallya was scheduled to appear at a London court on Tuesday, the police said in a statement.

Mallya, in a message on Twitter, called the news of his arrest "usual Indian media hype".

Mallya, who was finally caught after repeatedly refusing to appear before courts and investigators in India since he secretly fled to Britain last March, is set to be produced before the Westminster Magistrates' court. However, officials said that the bail is not something to be seen as a relief to Mallya.

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".but within one hour, Vijay Mallya got bail".

He was presented in Westminster Magistrates Court, which released him on bail. The 61-year-old fugitive liquor baron claimed he was in court as part of a judicial process over India's extradition request.

Amid multiple attempts to extradite him, Mr. Mallya appeared to dare the authorities as he attended high-profile events in the United Kingdom linked to his Formula One team Sahara Force India.

India's junior finance minister Santosh Gangwar said the government would do everything in its power to bring Mallya to justice.

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The warrant was issued in relation to accusations of fraud surrounding his failed Kingfisher Airlines company, which is reported to owe banks over a billion dollars. His Indian advocates B Munim and Desai are expected to assist in the proceedings, says a Times of India report.

March 2: Mallya flees India, leaving behind Rs 8,191 of debts to 17 banks. This is followed by an extradition hearing following which the final decision is taken by the Secretary of State.

Last year, Samirbhai Vinubhai Patel became the first Indian to be extradited on the basis of the India-UK Extradition Treaty of 1993, according to India's The Hindu newspaper.

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