Fugitive businessman Vijay Mallya faced a major setback on Monday, April 20, as the London High Court turned down his plea against his extradition. Mallya, who has been on a run, is accused of financial frauds by several Indian banks. Earlier, his pleas against the extradition was junked by lower court and now the London High Court has rejected is request. Reports said the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been pursuing Mallya’s extradition case since 2016 and today they finally received a good news. UK Home Secretary Priti Patel will now decide Vijay Mallya’s extradition and it is assumed that he will be brought back to India in next couple of weeks.
In its observation, the Court found Mallya accused of finacial frauds committed between September 1, 2009, to January 24, 2017 in India. The court found that Mallya conspired together with A Ragunathan, S Borkar, A Nadkami, A Shah, Y Agarwal, B Batra, O Bundellu, S Srinivasan, R Sridhar and others to trick India banks, corporations, companies and firms to deposit funds with IDBI bank and dishonestly got permission to disburse heafty amount loans to his company Kingfisher Airlines.
The London High Court added that Mallya defrauded in the order of (a) INR 1500 million on October 7, 2009, (b) INR 2000 Million on November 4, 2009, and (c) INR 7500 million on November 27, 2009, with the intention not to repay the said loans as agreed and required.
He also provided false information to the banks with respect to Kingfisher’s profit accounts.
