• Monday, May 16, 2022

Business

Vijay Mallya arrested, granted bail after India requests UK to extradite businessman

Loans: Vijay Mallya is fighting extradition from the UK to India

By: Rithika Siddhartha

BELEAGUERED Indian tycoon Vijay Mallya was arrested in London following an extradition request from India where he is accused of fraud, British police said today (18). The flamboyant financier, who co-owns Indian Formula One team Force One, appeared in a London court on Tuesday and was granted bail. Mallya secretly fled India in March 2016 owing more than $1 billion after defaulting on loan payments to state-owned banks and allegedly misusing the funds. India submitted an extradition request to Britain in early February after investigators demanded the 61-year-old be brought home to face charges. India’s junior finance minister Santosh Gangwar…

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