[splco_heading size=”15″ align=”left” margin=”30″]Fugitive Indian businessman Vijay Mallya again urged the central government on Thursday to unconditionally accept his offer of bank loan repayment and close the case against him. In a tweet, the embattled liquor baron alleged that his offer of 100% payback to a consortium of public sector banks is being constantly ignored.[/splco_heading]
UK Home Secretary Sajid Javid has approved the extradition of Indian business tycoon Vijay Mallya, who faces fraud charges back home.
The move comes two months after a London court ruled that he should be sent back for trial.
Mr Mallya, whose business empire once included Kingfisher beer, arrived in the UK in March 2016 after defaulting on debts of more than $1bn (£785m).
He now has 14 days to appeal against the decision.
He denies “fleeing” from India and says he made an “unconditional” offer to pay back the sum in full in July last year.
He faces a raft of charges relating to financial irregularities at Kingfisher Airlines. His monetary affairs are being investigated by India’s Central Bureau of Investigation and the Enforcement Directorate, which handles financial crimes.
In 2012, Mr Mallya sold a majority stake in his United Spirits group to UK drinks giant Diageo. The deal was supposed to help Mr Mallya reduce United Spirits’ debts and free up funds for Kingfisher Airlines.
But the airline, which was grounded in 2012, lost its flying permit the following year. It made annual losses for five years in a row and finally collapsed after lenders refused to give it fresh loans.
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Mr Mallya’s total debts, including unpaid wages and operating costs, are estimated to exceed $1bn.
The ED has attached many properties of Mallya in the last few years under the Prevention of Money Laundering Act.
Mallya is being investigated by the CBI and the Enforcement Directorate in connection with the loan fraud case.
He was arrested by the UK authorities on April 20, 2017 on the request of the Indian investigative agencies.
