Vijay Mallya who was arrested in the United Kingdom has got bail. As a result of this he cannot be kept in custody today. He was granted bail on the condition that he deposits 650,00 pounds prior to his release. The extradition proceedings would begin on May 17th onwards before another court.
As per the procedure, Mallya will now be tried in another court. The trial would determine whether he will be extradited to India or not. On the next date of hearing a team of the Central Bureau of Investigation from India would be present. The CBI team would argue and seek his extradition. Mallya on the other hand would have to show why he should not be extradited. In case the extradition request is rejected, then he would be tried in the UK itself.
Earlier the Scotland Yard police said that Vijay Mallya was arrested on accusation of fraud. Officer of the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extraction warrant.
Vijay Mallya, 61 was arrested on behalf of the Indian authorities in relation to accusations of fraud, the statement also read. He was arrested after attending a central London police station, and will appear at Westminster Magistrates' Court later today, 18 April, the Scotland Yard also said.
Mallya had left India on March 2 2016 for London a few days after a consortium of 17 banks had moved the Debt Recovery Tribunal to recover dues of Rs 9,018 crore which was loaned to the now defunct Kingfisher airlines.
India had also through the CBI alerted the Interpol and said that it had followed all legal procedures to seek a red corner notice against him.
Mallya had made an offer to negotiate with the banks for a one time settlement before the Supreme Court. The banks had however rejected the same The banks had shot down Mallya's offer of Rs 6,868 crore in April 2016 to settle the dues.