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Vijay Mallya gets bail in money laundering case in London: Reports

Liquor Baron Vijay Mallya Was Arrested Under The Prevention Of Money Laundering Act In London On Tuesday.

News Nation Bureau | Edited By : Deepak Mahato | Updated on: 03 Oct 2017, 08:16:12 PM

New Delhi:

Liquor baron Vijay Mallya who was arrested under the Prevention of Money Laundering Act in London on Tuesday morning has been granted bail.

Mallya appeared before the Westminster Magistrates' Court at 2 PM (London time).

The court will hear on the case on November 20.

He was arrested on extradition request made by government of India based on money laundering charges against him.

Mallya talking to the reporters said, "Nothing to add, you heard it all (in the court)"

Mallya is wanted in India for defaulting on loans worth Rs 9,000 crore. The liquor baron has been repeatedly refused to appear before courts and investigators in India.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have said that the funds were allegedly laundered to shell companies in more than six countries.

According to reports, investigative agencies including CBI and ED recently completed the submission of probe evidence to the British Crown Prosecution Service.

Sleuths from the probing agencies have said that they are filing a fresh prosecution complaint and have issued letters rogatory to seven countries to establish the alleged diversion of funds to shell companies.

Mallya had secretly fled to Britain in March, 2016, after defaulting on loan payments to state-owned banks and allegedly misusing the funds. He has been staying in London for over a year now evading arrest.

Also read: CBI, ED investigations find Vijay Mallya diverted huge chunk of Rs 6,000 crore loan to shell companies in 7 nations

He had fled to Britain after being pursued for recovery of Rs 8,191 crore owed to a consortium of 17 Indian banks by his now defunct Kingfisher Airlines.

Mallya was arrested and granted bail in London by the Scotland Yard on an extradition warrant on April 18 .

India in February had made an extradition request to Britain to send back the liquor tycoon to face trial.

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First Published : 03 Oct 2017, 05:28:59 PM