UK court is expected to decide today whether fugitive tycoon Vijay Mallya will be extradited to face trial in India. If the verdict goes against Vijay Mallya, the judge may grant him permission to appeal in a higher court. If the verdict goes against India, the Central Bureau of Investigation and the Enforcement Directorate, which are investigating him, would get 14 days to file an appeal in a higher court.
62-year-old chief of the defunct Kingfisher Airlines is wanted for alleged fraud and money laundering amounting to Rs. 9,000 crore.
Vijay Mallya has argued that the case is politically motivated and appealed against extradition citing the condition of Indian jails. Vijay Mallya left India in 2016 after a consortium of banks got together to start legal proceedings to recover the loans. He has been living in the UK since.
“I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud,” tweeted Vijay Mallya, who has been out on bail since his arrest on an extradition warrant in April last year.
“I have offered to repay 100 per cent of the principal amount to them. Please take it,” the liquor baron said in another tweet. He said he wants to end the narrative that he stole money from various lenders and said his offer was not linked to his extradition case.Vijay Mallya’s defence team told the court that in early 2016, he had offered to pay back nearly 80 per cent of the principal loan amount owed to the banks.
The tycoon has also released a letter sent to Prime Minister Narendra Modi in 2016, in which he asked that a committee be appointed to “examine the facts”. He said he also wrote to the finance minister, but received no reply from either.