Indian authorities are one step closer to extraditing beleaguered businessman Vijay Mallya as UK Home Secretary on Monday (February 4) signed an order approving the same.
Fugitive liquor baron Vijay Mallya will be extradited to India to face trial for alleged fraud and money laundering amounting to Rs 9,000 crore, UK's home secretary has decided.
Following is the chronology of the case and its origin: May 9, 2005: United Breweries Holdings Limited (UBHL) Chairman Vijay Mallya's luxury airline - Kingfisher Airlines - starts commercial operations.
While the CBI's Mumbai unit was investigating the case, Mallya fled to the United Kingdom in March 2016, and the case was subsequently handed over to a Special Investigation Team of the agency.
Creditors have been chasing Mallya for years and campaigning Indian courts to issue an arrest warrant for the 63-year-old, of which two did in 2016.More news: Monday marks World Cancer Day
More news: PSG suffer their first French Ligue 1 defeat of season
More news: EU Official Raises Prospect Of No-Deal Brexit After Meeting With MPs
Mallya is now on bail on an extradition warrant executed by Scotland Yard in April 2017 after the Indian authorities brought fraud and money laundering charges amounting to Rs 9,000 crores against the former Kingfisher Airlines boss.
Mallya has been presenting his version of the charges on Twitter and before television cameras outside the court to counter the narrative that he "ran away" with banks' money.
"We await early completion of the legal process for his extradition", the sources said, adding that Mallya's extradition may still take time.
December 7, 2017: The hearing resumes with Mallya's defence claiming his offer to pay back almost 80 per cent of the principle loan amount owed to the Indian banks, led by State Bank of India, had been rejected. The UK Home Secretary will have to sign Mallya's extradition order within two months.
The judgment had also dismissed the defence team's attempt to challenge the case on human rights grounds by claiming that Barrack 12 of Arthur Road Jail in Mumbai, where the businessman is to be detained following his extradition, did not meet the requirements. Mallya said he would appeal against the order - he has 14 days to do so.
"The DRT Recovery Officer recently attaches my Group assets worth over 13,000 crores in India on behalf of the Consortium of Banks".