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Vijay Mallya Behind The Bars

By: Kratika Tue, 18 Apr 2017 3:55:57

Vijay Mallya Behind The Bars

According to the sources, business tycoon and loan defaulter Vijay Mallya was arrested by Scotland Yard in London on Tuesday. He will be presented before a court in Westminster.

Vijay Mallya is one of the leading industrialists in India who sits at the head of a liquor empire, United Breweries. He also started one of India`s leading private airlines, Kingfisher Airlines, which is now defunct. He was declared a proclaimed offender after being accused of a loan fraud by a consortium of banks.

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Vijay Mallya has been arrested in London and will be produced in the metropolitan court. India had asked the UK to extradite Mr Mallya, who is accused of defaulting on bank loans worth 9,000 crores and facing charges of money laundering.

A special court for Prevention of Money Laundering Act cases in April 2016 had issued an NBW against Mallya. In January 2017, a CBI had also court issued an NBW against the beleaguered liquor baron in an IDBI loan default case.

Mallya owes over Rs 9,000 crore to lenders like State Bank of India, Punjab National Bank, IDBI Bank, Bank of Baroda, Allahabad Bank, Federal Bank and Axis Bank, among others. He has received several summons from the Enforcement Directorate in connection with its money laundering probe but has avoided personal appearance so far.

He had left India in March and currently lives in Britain. He resigned as a member of Rajya Sabha in May, shortly after the House`s ethics panel recommended the termination of his membership

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