In what comes as a major development and victory for India, the United Kingdom Home Secretary Sajid Javid has approved the extradition of fugitive businessman and economic offender Vijay Mallya. Javid has formally signed the order after a British court had ordered his extradition in December. Mallya now has 14 days to appeal in a higher court. Mallaya fled India in 2016 after a number of banks began legal proceedings against him to recover the loans.
On January 5 this year, a special court in Mumbai declared Mallya a fugitive economic offender. The former liquor baron became the first person to get the economic offender tag after Parliament passed the Fugitive Economic Offenders Act in 2018 to allow the seizure of domestic assets of such individuals.
Union Minister Arun Jaitley took to Twitter to hail the news of Mallya's extradition.
Last week, the businessman claimed that his firm’s assets worth Rs 13,000 crore were seized on behalf of the association of banks whom he owes Rs 9,000 crore. The 63-year-old businessman also questioned the accusations of fraud and money laundering against him and alleged that there were irregularities in the legal process against him.Read More