Indian tycoon Vijay Mallya faces new charges; free on bail

Author: GREGORY KATZ | APTue, 2017-10-03 22:40ID: 1507046266960252500LONDON: The Indian government has brought a new money-laundering charge against a prominent Indian tycoon who is fighting extradition from Britain, prosecutors said Tuesday.Britain’s Crown Prosecution Service said Vijay Mallya appeared in court and was released on bail. He is due back in court on Dec. 4 for an extradition hearing expected to last eight days.Mallya is the co-owner of the Force India Formula 1 team. He is wanted in India to answer money-laundering charges and bank demands that he repay more than 1 billion dollars in outstanding loans to his defunct airline.Prosecutors said Tuesday the new charge was added to the existing charges Mallya faces during a brief case-management hearing in Westminster Magistrates Court.A Crown Prosecution Service statement says it is alleged that some of the money involved “ended up with the Force India racing team.”Mallya was well known in India for his opulent lifestyle. His extravagant parties were often attended by supermodels and Bollywood stars.After his last court hearing in London in June, he told reporters outside the courthouse that he was looking forward to clearing his name in court.“I am delighted that I could put my case forward before a fair and impartial UK court,” he said at the time. “I deny all allegations that have been made.”Indian investigators say Mallya has refused to give evidence in India and has been uncooperative.Prosecutors say the judge may announce a decision on the extradition request at the conclusion of the hearing in December.
Main category: World

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