Vijay Mallya faces likely extradition in 28 days after UK court rejects plea
Mallya fled to London in March 2016 and a request for his extradition was forwarded to the UK authorities by CBI on February 09, 2017 through diplomatic channels.
The extradition of Mallya was sought to face trial on the allegations of " misrepresentations made to the IDBI bank to induce the said bank to sanction and disburse loans of Rs. 150 Crore on 07.10.2009, Rs. 200 Crore on 04.11.2009 and Rs. 750 Crore on 03.12.2009. These included dishonest and deliberate misrepresentations and concealment of brand value of Kingfisher Airlines Ltd., inflation of the security value, false promises of equity infusion and future rosy projections, among others," according to the CBI.
The agency has also alleged that Mallya dishonesty used loans sanctioned and disbursed by IDBI bank and diverted it in violation of terms of sanction.
Mallya in a tweet, just hours before the rejection of his application by the London high court had said that he is ready to pay the money he owes to Indian banks.
The London high court on Thursday rejected Vijay Mallya's plea seeking to challenge his extradition to India before the UK Supreme Court.
Sources told that with Mallya's plea being rejected, he has no legal options left in the United Kingdom and will likely be extadited to India within 28 days. Sources told that the UK home secretary has to sign the extradition papers within 28 days. Following this, concerned authorities in the UK will coordinate to extradite Mallya to India.
The London high court, last month, had rejected Vijay Mallya's appeal against extradition, leading him to seek permission from the court to move the supreme court aginst the order. On April 20, the London high court observed that Vijay Mallya had defrauded the Indian banks and should be extradited to India. Mallya is accused of defrauding Indian banks to the tune of over Rs 11,000 crore.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been pursuing Vijay Mallya's extradition case since 2016 through a legal battle in the UK courts. Mallya is accused of defrauding Indian banks of over Rs 9,000 crore. He fled the country in 2016.
He is out in bail since April 17 and on a bond of 650,000 pounds. CBI and ED are hopeful that Vijay Mallya will be extradited to India from London within the next 28 days.
Both the CBI and the ED have filed an FIR against Mallya in Mumbai. He will be brought to the city once the UK home secretary signs the extradition papers.