The business tycoon, Vijay Mallya, known as the 'King of Good Times', is finally facing the consequences of his actions. After losing an appeal in the UK Supreme Court against his extradition to India, all legal processes have now been completed for his return. The CBI and ED are already working on the extradition process and it is expected to be completed within the next 28 days. Mallya faces charges of fraud and money laundering worth Rs 9,000 crore and is accused of defrauding at least 17 Indian banks.
Vijay Mallya's Extradition to India: A Long-Awaited Resolution
Vijay Mallya, the flamboyant business tycoon and former owner of Kingfisher Airlines, is finally set to face the consequences of his alleged financial crimes. After a protracted legal battle, the UK Supreme Court has cleared the way for his extradition to India.
Background
Mallya is accused of defrauding Indian banks of over Rs 9,000 crore (approximately $1.2 billion) through his insolvent airline, Kingfisher Airlines. The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have been pursuing his extradition since 2016.
Extradition Process
With the legal roadblocks cleared, the extradition process is expected to be completed within the next 28 days. The Indian government has appointed a team of officers to coordinate the extradition and ensure a smooth handover.
Charges and Allegations
Mallya faces charges of fraud, money laundering, and diversion of funds. The alleged financial irregularities led to the collapse of Kingfisher Airlines, leaving creditors, including banks and employees, with massive unpaid debts.
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