Vijay Mallya arrested in London, granted bail

Former liquor baron, Vijay Mallya who was arrested in London has been granted bail. He was earlier arrested in connection with a a money laundering case.

This is the second time that he was arrested in London and granted bail almost immediately.

On the last occasion he was arrested and later produced before a court which granted him bail. The arrest was made on the basis of fresh documents that were presented before the magistrate court.

Mallya owes aroun Rs 9,000 crore to Indian banks. He has been out on bail after Scotland Yard arrested him on April 18 this year, acting on India's formal extradition request for him on February 8. The 61-year-old chief of the now-defunct Kingfisher Airlines fled India last year in March.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) had recently uncovered that Mallya had diverted a major chunk of a Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland.

Both the agencies are now planning to file chargesheets against him and present it as evidence in the UK court. This is expected to speed up the extradition process.

OneIndia News