Friday, February 3rd, 2023 03:19:13

UK Court dismisses fugitive Vijay Mallya’s extradition appeal 

Updated: April 20, 2020 5:06 pm
Fugitive Vijay Mallya, who is on run and wanted in India on fraud and money laundering charges amounting to an estimated Rs 9,000 crore, has lost a High Court appeal in UK on Monday against his extradition order to India.

A consortium of Indian public sector banks led by the State Bank of India had sought a bankruptcy order against Mallya as part of efforts to recoup around GBP 1.145 billion of unpaid loans from Mallya.

“We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India,” the justice Lord Justice Stephen Irwin and Justice Elisabeth Laing ruled.

Earlier this month, the High Court in London had deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover their loan from him.

Justice Michael Briggs of the insolvency division of the High Court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.

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