Vijay Mallya. Photo: Reuters
New Delhi: Liquor baron Vijay Mallya who is wanted in India for defaulting on loans worth Rs 9,000 crore has been arrested in London.
Mallya is likely to be extradited to India. A CBI team will visit United Kingdom soon.
Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain last March, after defaulting on loan payments to state-owned banks and allegedly misusing the funds.
His financial dealings are being investigated by the CBI and federal Enforcement Directorate.
Mallya, known for his extravagant lifestyle and who once branded himself the ‘King of Good Times, was sacked in February from the board of United Breweries, the firm through which he once controlled his business empire.
He made Kingfisher beer a global brand and ran a now-defunct airline with the same name, besides being the owner of a cricket side and a Formula One team.
More than half a dozen court warrants have already been issued against his name, and he owes banks at least Rs 9,000 crore.
In January, a court ordered a consortium of lenders to start the process of recovering the loans.
Mallya, who remains a part-owner of the Force India Formula One team, has come to personify India’s problems with bad debts that are piling up on the balance sheets of banks.
(Agencies)
