Vijay Mallaya Extradited by UK’s Westminster Magistrates’ Court

The CBI team in London to take Mallaya back to India
for Indian Judiciary proceedings for the charges on him

•  The Westminster’s Court in London verdicted for extradition of former Kingfisher Airlines (KFA) owner Vijay Mallya to India also made some observations that were not very charitable about Indian banks involved in the episode, and detailed how Mallya laundered the loan funds.
•  The embattled liquor tycoon — who co-owned the Formula One motor racing team Force India and owned Kingfisher jets. He is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores.
•  The 62-year-old former Kingfisher Airlines boss was on bail since his arrest on an extradition warrant in April last year.
• A UK court today ordered Mallya’s extradition after a year-long trial. Mallya is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore. Both sides now have 14 days to file an appeal.
• “The Supreme Court held that the diversion of funds was in flagrant breach of injunction orders which prevented him from alienating, disposing or creating third party rights in respect of this. Mallya was held in contempt by the Supreme Court. There is clear evidence of dispersal and misapplication of the loan funds and conspiracy to launder money.”
• Even though Mallya has been ordered to be extradited by a UK court Monday, his extradition to India will take months. Mallya remains on the same bail conditions on which he was arrested in April 2017, which involves a bail bond worth 650,000 pounds. “Mallya is not likely to be extradited to India for months. Following the extradition judgment yesterday, Mallya now has 14 days to appeal, during which period he wouldn’t be arrested, but would remain on bail