News

F1 team co-owner bailed after extradition arrest

NewsBy Sunday World
Vijay Mallya
Vijay Mallya

Force India co-owner Vijay Mallya, wanted in his home country over fraud allegations, has been bailed after appearing in court.

Mallya, chairman of the UB Group and co-owner of the Silverstone-based F1 team, was released from Westminster Magistrates' Court after paying a £650,000 security, court officials said.

He was arrested earlier on Tuesday by the Metropolitan Police's extradition unit on behalf of authorities in India, where he is wanted in connection with money-laundering and high-value bank demands.

The 61-year-old, a former MP in India, entered the UK on a valid passport in March 2016.

India's Enforcement Directorate has been gathering evidence as part of its investigation into the tycoon's debts, totalling £977 million, linked to Mallya's now defunct airline Kingfisher.

Mallya sold off his drinks firm United Spirits to Diageo in 2013 in order to prop up the airline, which went bust shortly after.

Indian investigators said last year Mallya had not been co-operating and had ignored their summons to give evidence three times.

Mallya was bailed on condition that he resides at his home address, that he does not leave or attempt to leave England and Wales, that his passport is surrendered to police and he does not apply for any travel documents.

A brief statement on Mallya's Twitter account said: "Usual Indian media hype. Extradition hearing in court started today as expected."

A case management hearing was scheduled for May 17.