India welcomes United Kingdom decision on Mallya extradition

India welcomes United Kingdom decision on Mallya extradition

India welcomes United Kingdom decision on Mallya extradition

A special PMLA court in Mumbai branded Mallya as the first fugitive economic offender following an appeal filed by the Enforcement Directorate, which is one of the investigative agencies probing Mallya.

Late last week, Mr. Mallya took to Twitter to criticise Indian authorities and the banks, accusing the latter of pursing "multiple frivolous litigations" against him.

The British government has cleared the extradition process of businessman Vijay Mallya, wanted in multi-crore loan recovery cases by several banks, to India.

Mallya has been on bail since his arrest on an extradition warrant in April 2017. By the time the court decides, he may get close to a year to plan his defence.

Mallya has been charged for fraud and money laundering amounting to around Rs 9,000 crore.

December 7, 2017: The hearing resumes with Mallya's defence claiming his offer to pay back almost 80 per cent of the principle loan amount owed to the Indian banks, led by State Bank of India, had been rejected. According to the Ministry of External Affairs, the "requests are presently under the consideration of the concerned United Kingdom authorities".

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The Central Bank of India opened a criminal investigation into the 62-year-old businessman in 2015.

The loans from the state-owned IDBI bank were meant to bail out his failed carrier Kingfisher Airlines. In August, he had cited poor jail conditions in India to stave off extradition following which India had to submit a video of Arthur Road Jail, where he is to be lodged.

September 12, 2018: At the final hearing in the case, Mallya tells media outside the court that he met finance minister Arun Jaitley before he left India in March 2016. The Westminster Magistrates' Court on December 9, 2018, had ordered Mallya's extradition to India.

Mallya, who is accused in India of conspiracy to defraud, making false representations and money laundering offenses, has 14 days to appeal.

Should the appeal to the High Court fail, Mr. Mallya would still have further opportunities to attempt to overturn the extradition order, by seeking permission to appeal to the Supreme Court, though that could only take place if the High Court certified that the appeal involved a "point of law of general public importance, and either the High Court or the Supreme Court gives leave for the appeal to be made".

While there was no official response from the Ministry of External Affairs, government sources said: "We have taken note of the decision of the UK Home Secretary to sign on the order for Vijay Mallya's extradition to India".

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