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Vijay Mallya Arrested In London |
Here are the top 10 developments in this big story:
- "Industrialist Vijay Mallya, declared a proclaimed offender, arrested on extradition warrant," the Scotland Yard said in a statement. Mr Mallya was arrested at about 9.30 am London time (3 pm IST).
- India had made an extradition request in February to Britain to send back the 61-year-old businessman to face trial after he fled the country owing more than 9,000 crores to banks.
- Mr Mallya had fled to Britain on 2 March, 2016, after defaulting on loan payments to state-owned banks and allegedly misusing the funds.
- The foreign ministry had lodged the formal extradition request with the British High Commission in New Delhi after investigators demanded that Mr Mallya be brought home to face charges of financial fraud and defaulting on loans.
- Mr Mallya faces at least half a dozen arrest warrants back in India. Last week, a Delhi court put out an open-ended non-bailable warrant against Mr Mallya in a case of alleged violation of foreign exchange rules.
- The liquor baron, known for a lavish lifestyle, has repeatedly refused to appear before courts and investigators in India.
- Cases against him are being investigated by the Central Bureau of Investigation and the Enforcement Directorate, which handles financial crimes.
- Earlier this year, Mr Mallya was sacked from the board of United Breweries, the firm through which he once controlled his business empire.
- He made Kingfisher beer a global brand and ran a now-defunct airline with the same name, besides being the owner of a cricket team and a Formula One team.
- In January this year, the Debt Recovery Tribunal ordered a State Bank of India-led consortium of banks to start the process of recovering the loans that Mr Mallya owes them by attaching his properties.
