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Vijay Mallya should be extradited to India, London court rules

Vijay Mallya should be extradited to India, London court rules
Vijay Mallya Image copyright AFP/Getty

Indian industry rich individual Vijay Mallya wants to be extradited from the UK to India the build he faces fraud prices, a London court docket has dominated.

The extradition ruling can be handed to the Dwelling Secretary for approval.

Mr Mallya, whose industry empire as soon as integrated Kingfisher beer, left India in March 2016 after defaulting on money owed of greater than $1bn (£785m).

He denies “fleeing” from India, and says he made an “unconditional” offer to pay motivate the sum in elephantine in July.

Mr Mallya attended Westminster Magistrates Court docket for the listening to.

The businessman’s drop from grace is being avidly tracked in India, the build he was as soon as as soon as listed as one of India’s wealthiest of us.

Mr Mallya constructed his fortune from Kingfisher beer, earlier than branching out into Indian cricket and Formulation 1 racing. He dwelling up the now defunct Kingfisher Airways in 2005.

He faces a raft of prices referring to to monetary irregularities at Kingfisher Airways. His monetary affairs are being investigated by India’s Central Bureau of Investigation and the Enforcement Directorate, which handles monetary crimes.

In 2012, he sold a majority stake in his United Spirits personnel to UK drinks extensive Diageo. The deal was as soon as purported to support Mr Mallya slash United Spirits’ money owed and free up funds for Kingfisher Airways.

Nevertheless the airline, which was as soon as grounded in 2012, lost its flying permit the following 365 days. It made annual losses for five years in a row and at closing collapsed after lenders refused to offer it recent loans.

Mr Mallya’s total money owed, at the side of unpaid wages and working charges, are estimated to exceed $1bn.

He’s a excessive-profile figure who has in the previous been known as “India’s Richard Branson” and the “King of Beautiful Instances” for his lavish life-style.

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