Vijay Mallya is wanted in India for alleged fraud and mouney laundering charges which amount to Rs 9,000 crore. The UK Home Secretary Sajid Javid ordered the extradition of Mr Mallya – who appealed against the order in a bid to stay in Britain – in February this year. And now a UK court rejected his extradition plea in what could be a massive setback for the businessman. A spokesman for the UK judiciary said: “The application for permission to appeal was refused by Mr Justice William Davis on 05/04/2019. The appellant has 5 business 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 a hearing.”
Could Vijay Mallya be extradited to India?
The rejection of Mr Mallya’s appeal is a positive development for Indian authorities who have been trying to bring the businessman back to India since he left in 2016.
However, whether he will be forced to return to India is not completely clear yet.
The development could see Mr Mallya appeal to the Supreme Court in the UK, delaying the process further.
Mr Mallya has five days to apply for an oral consideration and if a renewal hearing is made, it will be listed before a High Court judge and dealt with at the hearing.
Who is Vijay Mallya and why is he facing extradition to India?
Vijay Mallya is an Indian businessman, former owner of Force India Formula One team and former members of the Upper House of the Parliament of India.
He is the subject of an extradition effort by the Indian Government to return him to his home country from the UK to face charges of financial crimes.
He is known for his extravagant lifestyle and was once called the “King of Good Times” before himself and his companies embroiled in financial scandals.
The controversies started in 2012 and Mr Mallya left India on March 2, 2016 saying he wanted to be closer to his children.
Indian banks are trying to collect approximately Rs 9,000 crore in loans which he has allegedly routed to gain 100 percent or a partial stake in about 40 companies across the world.
On April 24 2016, only weeks after he left India, the Indian Ministry of External Affairs revoked his passport.
On April 18 2017, Mr Mallya was arrested by the UK’s Met Police extradition unit “on behalf of the Indian authorities in relation to accusations of fraud”, and was released on bail pending further consideration of the case.
In May last year, the Supreme Court of India found the businessman guilty of contempt of court and summoned him to appear on July 10 – which he later failed to do.
Mr Mallya has dismissed to proceedings against him, calling the situation a “witch hunt”.
He said: “I have done absolutely nothing wrong. “In fact I am glad that it is finally before a UK court and an impartial court. So we wait and see how it plays out.”
But after the UK court ruling on Monday, Mr Mallya could face being extradited to India.
Mr Mallya has claimed he is ready to return the money he owes but recent report suggest the Indian businessman is broke and only left with assets worth Rs 2,956 crore.
He owes more than £1.142 billion to some 13 banks but has made no voluntary payments to date, the court heard today.
“He cannot on any view satisfy judgment of £1.1 billion. He is insolvent”, his laywer John Brisby QC told the court on Monday.