India Abroad

Vijay Mallya Arrested In London For Money Laundering, Released On Bail

News World India | 0
| October 3 , 2017 , 18:27 IST

The absconding Vijay Mallya, currently in London, has been arrested in connection with money laundering charges in the UK after Britain's Serious Fraud Office (SFO) launched a probe against Mallya for alleged "money laundering" in the UK and outside. Soon after his arrest, Mallya was released on bail.

On September 15, sources had revealed that British investigators were probing Mallya in a case of money laundering from India to the UK by means of several companies before the money went on to Switzerland and other countries.  

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According to reports, a significant amount of information about Mallya's assets, both movable and immovable, his investments and shares and bank account details have already been collected by the SFO during their probe.

The SFO launched an independent probe against Mallya based on the collected information to investigate the charges of money laundering in British companies linked to Mallya.  

Former 'King of Good Times' Mallya absconded from India, fleeing to Britain in March 2016 after he was wanted by a consortium of banks for defaulting on loans in India.

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Since then India has actively pursued the extradition of Mallya. While he was arrested in London on April 18 by the Scotland Yard on an extradition warrant but was granted bail later on the same day.

As per the extradition treaty between India and the UK, to secure Mallya's extradition, a 'dual criminality' clause must be proven, according to which Mallya must be proven to have committed a crime according to British laws as well.

If Vijay Mallya is found guilty in the money laundering probe by UK's Serious Fraud Office, his extradition to India will likely be easier.