Wednesday, 20 March, 2019

United Kingdom home secretary approves Vijay Mallya's extradition to India

Vijay Mallya's extradition cleared by UK Home Secretary World 04 Feb 2019 #VijayMallyaExtradition UK Home Secretary approves Mallya's extradition to India
Jeannette Daniel | 05 February, 2019, 06:51

The UK Home Office confirmed on February 4 that after considering all matters, Javid had signed Mallya's extradition order on February 3.

Vijay Mallya was facing charges of fraud, money laundering and violation of Foreign Exchange Management Act (FEMA). The court had said there was prima facie evidence to prove the money laundering charges against Mallya, and that he had used his bank loans to finance two vanity projects - a corporate jet and his Force India Formula One team. The UK authorities diligently examined all documents submitted by India under the extradition treaty and only after they were convinced that India had a strong case did they approve the legal process against Mallya.

Anand Doobay, lawyer for Vijay Mallya, who faces charges of money laundering and fraud in India, had confirmed late past year that he meant to appeal the extradition order once it was confirmed by the British authorities.

In a tweet sent following the decision Mr Mallya said he intends to "initiate the appeal process".

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The British government has signed an order to extradite Indian liquor and aviation tycoon Vijay Mallya, the UK's Home Office said in a statement on Monday. Mallya said he would appeal against the order - he has 14 days to do so.

On January 31, Mallya had gone on a Twitter tirade to share details of his group assets being attached by the recovery officer. The Central Bureau of Investigation (CBI) had claimed that IDBI officials had conspired with Mallya and disbursed loans to Kingfisher Airlines despite its weak financials, negative net worth and below-par credit rating in violation of the bank's corporate loan policy. How far will this go and well beyond?

Mr Mallya left India in 2016 after a consortium of banks joined hands to start legal proceedings to recover the loans. Yet the narrative is that I ran away with the claimed amount of 9000 crores causing loss to the Public Sector Banks. "Where is Justice or fair play?" he tweeted. Value already crossed (Rs) 13,000 crore. Now I will initiate the appeal process.

Mallya added that the "banks have given an open licence to their lawyers in England to pursue multiple frivolous litigations against me". The irony is Indian State Banks want my money in England to settle an Indian debt already secured and deny payment to the United Kingdom tax exchequer.

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