Update: Vijay Mallya granted bail. He was arrested on extradition request made by the GoI based on money laundering charges against him.
London: Liquor baron Vijay Mallya was arrested in a case of money laundering, sources said on Tuesday. Mr Mallya is out on bail in another case in which he was arrested in April following India’s extradition request.
The tycoon, who has been staying in London for over a year now, is accused of defaulting on loans worth thousands of crores in India. India had made an extradition request in February to Britain to send back the businessman to face trial.
The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) had recently uncovered that Mallya had diverted a major chunk of a Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland.