Indian tycoon Vijay Mallya to learn extradition fate in London court
An Indian entrepreneur nicknamed the “King of Good Times” will hear if he is to be extradited from the UK for alleged money laundering and unpaid loans of more than £1 billion (Dh4.7bn) from Indian banks.
Vijay Mallya, 62, whose fortune was built on the Kingfisher brewery set up by his father, is expected to appear at London’s Westminster Magistrates’ Court today.
The Indian government sought Mr Mallya’s extradition after claims that he took money from the loans to buy property instead of assisting the faltering Kingfisher Airlines, of which he was chief executive.
Despite his legal troubles Mr Mallya continued to pursue his business interests, including the Force India Formula One racing team, which he coowned before it was sold at the start of this year.
India’s Enforcement Directorate accused him of laundering money through this venture and his previous ownership of an Indian cricket team.
Mr Mallya lives in two multimillion-pound properties in the UK, one of which overlooks London’s Regent’s Park. Both are owned by offshore entities, in an arrangement he has described as being “perfectly legal”.
As the hearing approached, Mr Mallya took to Twitter to declare his innocence, stating he had made several offers to repay the principal amount borrowed on behalf of Kingfisher Airlines. These offers, he said, went unanswered.
Kingfisher Airlines ceased operating in 2012 amid heavy debt, just seven years after it was launched.
At the G20 talks in Buenos Aires last month, Indian Prime Minister Narendra Modi released a nine-point plan for dealing with what he called “fugitive economic offenders”, asking other nations to assist in bringing criminals to justice.