UK Court orders Fugitive Mallya's extradition; India's Big victory against fugitive absconders

NewsBharati    10-Dec-2018
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London DEC 10: Fugitive businessman and liquor baron Vijay Mallya will be extradited to India to face fraud investigation.

 

Notably, the 62-year-old is being investigated for fraud and money-laundering by the Indian enforcement agencies.

 

The UK Court on Monday directed the authorities to extradite Vijay Mallya to face the fraud investigation in India. However, Vijay Mallya has the option of going to a higher court against the verdict.

 

On Friday last week, following Vijay Mallya’s petition against Enforcement Directorate’s (ED) move to declare him fugitives, the Indian Supreme Court asked the ED to respond to the petition.

 

Earlier, in a tweet, Vijay Mallya offered to pay back the full amount of the principal loan he owed various banks.

 

“Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it,” he tweeted.

 

Previously, the London High Court had asked Vijay Mallya to pay £88,000 to Swiss bank UBS as part of interim legal costs in a case filed by the bank seeking possession of his Baker Street house.

 

Vijay Mallya has been fighting the extradition battle with the Indian government on allegations that he defaulted on loans worth Rs 9,000 crore given to now defunct Kingfisher Airlines by Indian banks.

 

He remains on bail on an extradition warrant executed by the Scotland Yard last year on fraud and money laundering charges. The verdict on the same is expected on December 10 at the Westminster Magistrate Court where Mallya has protested against the prison conditions at Arthur Road jail.