Vijay Mallya who is wanted in India in money laundering case of worth Rs 9,000 crore was granted conditional bail by Westminister Court after being arrested by the Crown Prosecution service (CPS) in London. Next hearing in the case will be held in November.

The Business tycoon who was long absconding has been tracked and arrested by the London police. CPS in a statement has confirmed the liquor baron has been arrested under Prevention of Money Laundering Act (PMA) in relation to ongoing proceedings. More charges are expected to be added at Westminster Magistrates’ Court today, the statement read.

Setting up a major setback for the Liquor baron, the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) were preparing a charge sheet alleging that the business tycoon diverted a major chunk of the Rs 6,000 crore bank loans to shell companies. The Indian authorities have already given their version as to evidence against the liquor baron in the case in which he has been named defaulter and will have to repay loan to the bank.

Previously in July, the Supreme Court had adjourned the hearing on contempt case proceeding against the loan defaulter and further added that the hearing in case will be preceded further only when Vijay Mallya is produced before it. This comes as the second big arrest of the day after rapist Ram Rahim’s missing daughter was arrested earlier today by the Haryana Police. The King of good times was out on bail on an extradition warrant executed by Scotland Yard on behalf of the Indian authorities in April.