Mallya to be extradited by the UK soon

#VijayMallya #UK #India #Business #International

According to the Ministry of External Affairs, Vijay Mallya has been stratified by Secretary of State of the UK Government and soon a warrant would be released against him.

Vijay Mallya, the business tycoon from India who wasn’t able to manage his empire, was issued a notice about an year ago by the State Bank of India (SBI) for recovery of about Rs. 9,000 crore ($1.35 billion). Later he also diverted a sum of Rs. 266.11 crore ($40 million) to his children’s accounts in foreign banks in violation of court orders, and then refused to bring back the money.

Almost an year later, this March, Supreme Court fast-tracked the proceedings against Mallya and reserved its order on contempt proceedings against him for allegedly diverting $40 million.

Read the full article here.