India’s Prime wilful defaulter – Vijay Mallya who ‘escaped’ to Britain, was arrested by Scotland Yard Police today and later was released on bail. The arrest signifies the ‘long British’ process of a possible extradition of the former Rajaya Sabha MP who owes nearly Rs 9000 crore to various Indian banks.
“Officers from the Metropolitan Police’s Extradition Unit this morning arrested a man on an extradition warrant. Viajay Mallya was arrested on behalf of the Indian authorities in relation to the accusations of fraud,” the PTI quoted the Scotland Yard.
Mallya’s extradition and his participation in the legal process pending against him in various Indian courts is very important for the future of entire anti-wilful default mechanisms in the country.
Mallya’s mountainous corporate image and his Parliamentary connections were heighted when the King of Good Times was managed to scoop to Britain in a flash. It exposed the system’s weakness to bring parity in treatment among financial fraud makers.
The current legal process against Mr Mallya is on the tougher side as the centre has submitted an extradition request to Britain. Last week, the British government certified India’s request and sent to a district judge for action.
At home, the Enforcement Directorate has filed a money laundering case against him. The Directorate is seeking the help of Interpol for the arrest of Mallya. The UB Group Chairman has fled the country almost a year ago on March 2, 2016.