Tridents owner Mallya on bail following arrest
LONDON, CMC – Barbados Tridents owner, exiled Indian millionaire Vijay Mallya, was yesterday granted bail by Westminster Magistrates’ Court here after being arrested on a new money laundering charge.
According to media reports, the 61-year-old Mallya was granted bail on “the same bail conditions as before” and is set to re-appear in court on November 20.
Mallya has been out on bail since he was arrested on fraud charges by Scotland Yard on April 18.
“I deny all allegations that have been made and I will continue to deny them,” Mallya said after exiting the courtroom yesterday.
“I have not eluded any court. I’ve given enough evidence to prove my case.”
The Crown Prosecution Service, acting on behalf on the Indian government, said additional charges had been laid against Mallya in his homeland.
“The government of India laid further supplemental money laundering charges in India. The money laundering charge and the evidence in support has been joined to the original fraud charges,” a statement said.
“The new charge is essentially showing where the money went to, for example, it is alleged that some of the funds ended up with the Force India racing team.”
Mallya has been residing in England since fleeing India last year March, preempting a move by the Indian government to freeze his passport and begin efforts to recover hundreds of millions of dollars he owed to 17 banks.
The Indian government is pressing for his extradition from the United Kingdom to face charges at home.
Last year February, Mallya bought Caribbean Premier League franchise Tridents, based in Bridgetown.
He also owned Indian Premier League franchise Royal Challengers Bangalore before recently relinquishing control, and also controls the Formula One racing team, Force India.
Known for his flamboyant lifestyle, Mallya’s fortunes took a turn for the worse following the collapse of his Kingfisher Airlines and his forced departure as chairman from liquor giants Diageo.