CBI, ED teams in UK as London court to pronounce verdict on Vijay Mallya’s extradition

Embattled liquor tycoon Vijay Mallya is expected to appear in a London court today to find out whether he will be extradited to his homeland, where he is accused of fraud. 

Mallya, chairman of the UB Group drinks conglomerate and chief executive of the Force India Formula One team, will discover his fate at Westminster Magistrates' Court. 

Mallya faces a case of loan default to the tune of Rs 9,000 crore besides allegations of money laundering and diversion of loan funds for purposes other than they were meant for. He is in self-imposed exile in London.

He left for the United Kingdom in March 2016 taking advantage of the dilution in the CBI lookout notice against him.

Indian agencies are seeking to extradite him. The case will be heard by Westminster Magistrates' Court in London on Monday.

Mallya has contested his extradition on the grounds that the case against him is "politically motivated" and the loans he has been accused of defrauding on were sought to keep his now-defunct airline afloat. 

"I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud," he said in his recent Twitter post on the issue. 

"I have offered to repay 100 per cent of the principal amount to them. Please take it," he had tweeted earlier.

(With inputs from PTI)