News Breaking News: Business Tycoon Vijay Mallya Arrested In London

Breaking News: Business Tycoon Vijay Mallya Arrested In London

Vijay Mallya the famous businessman and politician of India is surely not going from his good days. Now he has been arrested in London by Scotland Yard and asked to present in the metropolitan court.

He was arrested on the charges of defaulting bank loans worth 9,000 crores and money laundering. Ever since the news has come, the Indian government had asked the UK to handover Mr Mallya to them.

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Vijay Mallya, the business tycoon and owner of Kingfisher company left India last year amid attempts by a group of banks to recover the unpaid loans. That time also the government of New Delhi had cancelled Mr Mallya’s passport and asked the UK government to sent him back to India. However, foreign ministry abolished the charges saying India’s deportation request was not covered under UK laws that allowed visitors to stay back even if their passport wasn’t valid any longer.

Despite multiple injunctions, Mallya failed to appear before investigators. A special court for Prevention of Money Laundering Act cases in April 2016 had issued a non-bailable warrant (NBW) against Mallya. In January 2017, a CBI court had also issued an NBW against the liquor baron in an IDBI loan default case.

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