The UK High Court on Monday rejected an application filed by fugitive businessman Vijay Mallya against moves for his extradition, a step closer to bringing him back to India to face trial for alleged fraud, money laundering and violation of Foreign Exchange Management Act (FEMA).
Mallya, who had appealed against the decision of UK Home Secretary Sajid Javid to extradite him to India, will get half-an-hour for making oral submissions to save himself from being extradited.
The Westminster Magistrate’s Court had, on 9 December 2018, ordered Mallya’s extradition to stand trial on charges brought by the CBI and ED.
Javid, the UK’s senior-most Pakistani-origin minister, had to make a decision within two months of the day the case was sent. The UK Home Office confirmed in February that the minister had signed Mallya’s extradition order.
The 62-year-old, owner of the defunct Kingfisher Airlines, is wanted for wilful default of over Rs9,000 crore loan from lender banks in India.
Vijay Mallya's fortunes have been sinking lately, with defence lawyers recently telling Indian banks that he is willing to cut his spending to a comparatively lower amount of 29,500 pounds a month.
Lenders to the beleaguered businessman are now seeking to seize about 258,000 pounds stashed in his account. Mallya is accused of wilfully defaulting on loans taken by Kingfisher Airlines. They also allege that Vijay Mallya continues to lead a "lavish lifestyle" despite his legal challenges.
Reports, meanwhile, said Mallya continued to spend about 18,300 pounds a week, with his weekly expenditure on groceries alone adding up to over 1,000 pounds a week.