Liquor baron Vijay Mallya has been arrested in London. He was arrested at 9:30 am UK time by the Scotland Yard police. He is due to appear before the Westminster magistrate court. He has been accused of defaulting on Rs 9,018 crore loans obtained from various banks in India.
India had been working with the authorities in the UK to seek his extradition. A team of the Central Bureau of Investigation is likely to visit the UK and is likely to formalise the extradition process.
India had asked UK to extradite him under the bilateral treaty. After being taken to the court in London, it would be decided whether he would be sent back to India or face trial in the UK.
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.