Vijay Mallya was arrested in London today (Tuesday) before being released on bail for the second time this year, in money laundering case filed by Indian authorities.
The 61-year-old business tycoon, who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India.
He slipped out of the country in March last year, amid attempts by a group of banks to recover more than Rs. 9,000 crore loaned to him for his now-collapsed Kingfisher Airlines.
India made an extradition request in February to Britain to send back the businessman to face trial. He was arrested and released on bail in April this year following India’s extradition request.
Today, appearing calm and relaxed at the Westminster Magistrate Court in London, he refused to agree to being extradited. He was released on providing a bail bond worth 650,000 pounds.
