Vijay Mallya, who is alleged to have defaulted on loans worth several crores given by banks, was today arrested in London. However, he managed to get bail soon after the arrest. The CBI said that his arrest was the first step in the efforts to bring him to India to face trial. Mallya is accused of loan fraud and money laundering. Speaking on the development, Scotland Yard police said that Mallya was arrested on behalf of Indian authorities in the case involving fraud. They also said that he was arrested when he attended a central London police station.
After his arrest, Mallya was produced in a metropolitan court, where he managed to get bail. However, officials said that the bail is not something to be seen as a relief to Mallya. They said that even with the bail, the legal process to extradite Mallya has started. It could be a long legal battle, but the case is on the right track, they said. It may be recalled that Finance Minister Arun Jaitley had visited UK a few weeks back and discussed the issue of Mallya’s extradition with British officials. Mallya’s passport has already been cancelled by the Indian government.