The 62-year-old, owner of the defunct Kingfisher Airlines, is wanted for wilful default of over Rs 9,000 crore loan from Indian banks….reports Asian Lite News
Indian fugitive Vijay Mallya is facing exit from London. His appeal against extradition to India has been rejected.
The application for permission to appeal was rejected by Justice William Davis on April 5. Mallya has five days to apply for oral consideration. If a renewal application is made, it will be listed before a High Court judge and dealt with at the hearing.
Mallya, who is facing charges of fraud, money laundering and violation of Foreign Exchange Management Act (FEMA), had appealed against the decision of UK Home Secretary Sajid Javid to extradite him to India. On December 9, the Westminster Magistrate’s Court had ordered Mallya’s extradition to stand trial on charges brought by the CBI and ED.
The UK Home Office confirmed in February that the minister had signed Mallya’s extradition order.
The 62-year-old, owner of the defunct Kingfisher Airlines, is wanted for wilful default of over Rs 9,000 crore loan from Indian banks.
Mallya left India on March 2, 2016 after defaulting on loans amounting to Rs 9,000 crore he had taken for his now-defunct Kingfisher Airlines but he has repeatedly denied fleeing the country, saying he is ready to pay back the money he owed to the Indian banks.
India had in late 2017 filed extradition proceedings against Mallya which he contested. He is currently out on bail in London.
A consortium of 13 banks, led by the State Bank of India (SBI), has been preparing to initiate loan recovery proceedings against him.
The proceedings are on before a special court in Mumbai under the Fugitive Economic Offenders Act.
The Enforcement Directorate had also moved the Special Prevention of Money-Laundering Act Court last year to declare Mallya a “fugitive economic offender” and confiscate all his properties, estimated at more than Rs 12,000 crore, making it the first such case of its kind under the new law.