London: In another setback for fugitive Indian businessman Vijay Mallya, the United Kingdom High Court has rejected his appeal against his extradition.
Mallya, who is facing charges of defaulting on bank loans to the tune of Rs 9,000 crore, fraud and money-laundering, had moved the High Court after the Westminster Magistrates Court, on December 10, 2018, gave the go-ahead for his extradition.
Westminster Magistrates’ Court Chief Magistrate Judge Emma Arbuthnot had then sent Mallya’s case to Home Secretary Sajid Javed, who had also cleared the extradition.
Mallya, 63, left India on March 2, 2016 after defaulting on loans amounting to Rs 9,000 crore he had taken for his now-defunct Kingfisher Airlines but he has repeatedly denied fleeing the country, saying he is ready to pay back the money he owed to the Indian banks.
India had in late 2017 filed extradition proceedings against Mallya which he contested. He is currently out on bail in London.
A consortium of 13 banks, led by the State Bank of India (SBI), has been preparing to initiate loan recovery proceedings against him.
The proceedings are on before a special court in Mumbai under the Fugitive Economic Offenders Act.
The Enforcement Directorate had also moved the Special Prevention of Money-Laundering Act Court last year to declare Mallya a “fugitive economic offender” and confiscate all his properties, estimated at more than Rs 12,000 crore, making it the first such case of its kind under the new law.