India’s self-described ‘King of Good Times’ now faces extradition

MUMBAI, India — Former Indian tycoon Vijay Mallya was arrested Tuesday in London in what was seen as the start of a lengthy legal battle to return him to his home country to face fraud and money laundering charges.

The self-proclaimed “King of Good Times,” who led a lavish lifestyle while racking up $1.4 billion in debt as his airline business collapsed, was detained before an extradition hearing at Westminster Magistrates’ Court.

He was released on about $820,000 bail three hours later, news agencies reported.

The 61-year old Mallya ran India’s biggest spirits company, United Breweries, which he inherited from his father, and launched a high-end airline, named for his company’s flagship Kingfisher beer, in 2003.

As the airline faltered due to high oil prices and reckless business decisions, Mallya brazenly flaunted his wealth and became a symbol of the impunity of India’s corporate titans.

In March 2016, before he was due to appear for a hearing on his debts in India’s Supreme Court, Mallya fled to Britain.

India canceled his passport and in February formally asked British authorities to extradite him.

“Vijay Mallya will be brought back to India,” Santosh Gangwar, minister of state for finance, told reporters Tuesday. “Due process of law will be followed.”

Indian investigators have charged Mallya with cheating and conspiracy for failing to repay a $1.4 billion loan that he received in 2009 that was intended to pay for airline parts. In a 1,000-page indictment released in January, investigators alleged that he and other airline executives conspired with bank officials to transfer the funds overseas.

Known for his flamboyant lifestyle, Mallya in December threw a bash for 600 people to celebrate his 60th birthday at a five-star Indian beach resort at the same time he owed $120 million in salaries to employees of his failed airline.