Indian tycoon Vijay Mallya has been arrested in London following an extradition request from India where he is accused of fraud, British police said yesterday.
"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant", a police statement said.
In February, the Indian government handed over to the United Kingdom authorities a formal request for Mallya's extradition, saying it had a legitimate case against him on charges of financial irregularities and loan default.
Soon after Vijay Mallya was arrested in London following India's extradition request, Minister of State for Finance Santosh Gangwar on Tuesday assured that the beleaguered liquor baron will be brought back after completion of all required legal procedures.
Mallya, who co-owns the Formula One team Force India, appeared in a London court on Tuesday and was granted bail.
He has previously disputed accusations that he fled India to avoid bad debts, saying on Twitter that he travels "to and from India frequently".
A CBI team will leave for the U.K.to pursue the extradition request in coordination with the Indian High Commission.
It was during Sinha's tenure as the CBI chief that the first case against Mallya was registered for alleged loan default of over Rs 900 crore involving IDBI Bank even when lenders were not willing to file FIR against him.
Since Mallya left the country, the government has been looking at steps to bring him back, he said.
While some of the lawyers did request the news anchors to curb their exuberance as Mallya was likely to get bail, speculation had already begun on his extradition to India. In January, an Indian court ordered a consortium of lenders to start the process of recovering the loans.
The minister further said Mallya's extradition is part of the "judicial process" in the UK. And this is probably how bank employees must be feeling now Vijay Mallya, who fled India in 2016, is wanted for loan fraud and faces charges of money-laundering in India.
The financial allegations relate to Mallya's now defunct Kingfisher Airlines.