Kingfisher-IDBI Bank loan fraud case: Vijay Mallya extradition case hearing in London today

The Westminster Magistrates' Court in London will today hear the extradition case against Vijay Mallya, the embattled tycoon wanted in India on loan defaults to several banks amounting to nearly Rs 9,000 crore.

On 13 June, Chief Magistrate Emma Louise Arbuthnot had granted bail to Mallya until 4 December and scheduled the next hearing for 6 July. The court had exempted Mallya from being present personally for the hearing.

At the last hearing, the Indian government had received a setback as Aaron Watkins, counsel representing India, admitted in the court he needs more time to provide further evidence to extradite Mallya.

Vijay Mallya. AFP

Vijay Mallya. AFP

“We have not received final evidence,” the Watkins reportedly pleaded in the court.

The court had expressed surprise at the shoddy progress made by the Indian authorities in gathering evidence.

The CBI is investigating default of a Rs 900 crore loan by Kingfisher Airlines, Mallya's now defunct company.

CBI suspects quid pro quo by Mallya and executives of Kingfisher Airlines to expedite the loan process and has alleged that Mallya diverted about Rs 263 crore from Rs 900 crore loan for “personal” use against norms and regulations.

The investigating agency had arrested nine persons, including former executives of Kingfisher Airlines and IDBI Bank officials, in January.

The Enforcement Directorate (ED) is also probing the money laundering angle. A PMLA court on Wednesday issued a fresh non-bailable arrest warrant (NBW) against Mallya in connection with the case.

The court issued the fresh NBW at ED's request after the anti-money laundering agency submitted that Mallya is in the UK and has failed to appear before it on previous occasions too.

With PTI

Published Date: Jul 06, 2017 10:47 AM | Updated Date: Jul 06, 2017 10:47 AM