Khurshid raps govt. over 'premature hullaballoo' of Mallya's arrest

Industrialist Vijay Mallya is wanted in India for defaulting on loans worth around Rs9,000 crore related to Kingfisher Airlines

Mallya, 61, secretly fled India in March past year, owing more than US$1 billion (S$1.4 billion) after defaulting on loan payments to state-owned banks and allegedly misusing the funds.

In April 2016 India revoked Mallya's passport, and began seeking his extradition from the United Kingdom the following month.

Following is the legal twists and turns leading up to the arrest of liquor baron Vijay Vittal Mallya in London.

He was arrested at a central London police station on Tuesday and is due to appear at Westminster Magistrates' Court later in the day.

Mallya, who co-owns the Formula One team Force India, appeared in a London court on Tuesday and was granted bail. "Extradition hearing in Court started today as expected", Mallya tweeted just after getting the bail. Within hours, a court granted him bail.

Khurshid said the arrest was only a part of the procedure required to further the extradition process. And lastly, the magistrate made a decision to grant him bail instead of remanding him in custody on a bond of £650,000.

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It was during Sinha's tenure as the CBI chief that the first case against Mallya was registered for alleged loan default of over Rs 900 crore involving IDBI Bank even when lenders were not willing to file FIR against him.

This case relates to the loan default of Rs 9,000 crore.

The court proceedings, however, will continue in the extradition case. With the finance minister reportedly taking up Mallya's extradition with the British Prime Minister during her recent visit, Minister of State for Finance Gangwar said loans to the controversial liquor tycoon were granted by public banks during the previous UPA regime. Mallya's passport has already been cancelled by the Indian government. The Indian authorities have been on the lookout for Mallya from the time he escaped the country on March 2 previous year.

The Enforcement Directorate, which is probing the matter after it registered a money laundering case in January 2016, said it has attached properties of Mallya and his companies having market value more than Rs 8,000 crore.

"After relentless campaign by Congress, finally extradition request was submitted by government in February", Senior Congress leader Randeep Surjewala told news agency ANI.

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