Embattled liquor tycoon Vijay Mallya, wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores, Monday arrived in Westminster Magistrates' Court which is expected to deliver its verdict on his extradition after a year-long trial.
Mallya, the 62-year-old business tycoon is wanted in India in loan default and money-laundering cases. He fled the country in March 2016 after banks initiated legal proceedings to recover the outstanding loan amount of over Rs 9,000 crore. For the last two and half years, he has been residing in the UK and fighting an extradition case filed by India in February last year.
On December 5, Mallya had made a “humble request” to the Indian officials to accept his offer to pay back the "100 per cent" of the principal amount of loans he owed to various banks.
In a series of tweets, Mallya said that he contributed thousands of crores to the State exchequers through his alcoholic beverage group and now defunct Kingfisher Airlines and requested banks to accept his offer.
“For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it,” Mallya tweeted.
Explaining why he could not pay back banks the money he borrowed, Mallya said that his Kingfisher Airlines was "fabulous" and faced the highest ever crude prices of USD 140/barrel. Due to which, he added, "losses mounted and that’s where banks' money went."
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The request from Mallya, which came just five days before the expected verdict in his extradition case, was linked to the December 10 verdict. However, he said that it was wrong to link his payback offer with the extradition verdict as the case was under court's consideration and will take its own legal course.
"The most important point is public money and I am offering to pay 100 per cent back. I humbly request the Banks and Government to take it," he had said.
Vijay Mallya in UK court highlights:
05.47 pm: The CBI welcomes the court decision.
05.45 pm: The matter of extradition of Vijay Mallya to India has been referred to the Secretary of State.
05.40 pm: London's Westminster Magistrates Court orders the extradition of Vijay Mallya to India.
03.16 pm: Vijay Mallya in London when asked 'how genuine is his offer of settlement': There is nothing genuine or ingenuine. Please understand that the offer has been made in a court of law. Nobody disrespects a court of law.
Vijay Mallya in London when asked 'how genuine is his offer of settlement': There is nothing genuine or ingenuine. Please understand that the offer has been made in a court of law. Nobody disrespects a court of law. pic.twitter.com/jRs7DNtlSB— ANI (@ANI) December 10, 2018
03.15 pm: "I have filed a comprehensive settlement application before the Karnataka High Court, which is also being heard today," Vijay Mallya said.
03.12 pm: Vijay Mallya in London, UK: "Whatever the judgement, my legal team will reveal the judgment and take proper steps thereafter. Yes I have tweeted saying that I want to repay, that has nothing to do with this extradition issue. It's a compltely separate matter," he said.