London: A court on Monday ruled that business tycoon Vijay Mallya should be extradited from the UK to India where he faces fraud charges. Mallya, 62, attended Westminster Magistrates Court for the hearing.
Mallya will have the option of moving higher courts.Mallya left India in March 2016 after a consortium of banks started legal proceedings to recover the loans. He has been living near London since.
He denies "fleeing" from India, and says he made an "unconditional" offer to pay back the sum in full in July.
Mallya faces a raft of charges relating to financial irregularities at Kingfisher Airlines. His monetary affairs are being investigated by the Central Bureau of Investigation and the Enforcement Directorate.
Mallya, who built his fortune from Kingfisher beer, before branching out into Indian cricket and Formula 1 racing, set up Kingfisher Airlines in 2005. The airline, which was grounded in 2012, lost its flying permit the next year. It made annual losses for five years in a row and finally collapsed after lenders refused to give it fresh loans.(UNI)