Vijay Mallya, aka the king of good times, was arrested in London on Tuesday.
Mallya is an Indian billionaire who is the head of the United Breweries group, owner of Kingfisher Airlines and has a stake in India’s only Formula One car racing team, and the Royal Challengers Bangalore cricket club.
After living in London for a whole year, Mallya was arrested on Tuesday on behalf of the Indian authorities in relation to accusations of fraud. India had filed a formal request with the British government for the extradition of Mallya from the UK to India.
The Indian authorities said that Mallya fled India last year (2016) to avoid being arrested over fraud surrounding the collapse of his airline company. He was accused of criminal offences connected to a loan granted to him in India in 2009 to his now defunct Kingfisher Airlines. The Indian government revoked his passport one month after fleeing India.
The Indian billionaire was arrested after voluntarily visiting the police station and appeared at Westminster Magistrates’ Court later on, before being granted bail and released. According to Al Arabiya’s sources, the Indian tycoon was sure that he would be released and won’t be subject to extradition, but it is worth noting that the British authorities confiscated his Indian passport.
The Indian tycoon who is a father of four (three daughters and a son), has a variety of cars, a yacht, a 319 Airbus plane and countless properties, including a historic palace in Stowe in the South of England.
In the case of Mallya’s fall, his big fortune will not be enough to cover his loans. If he sells and pays everything he owns, he will still have a debt of $600 million, thus becoming the poorest man in the world.