Vijay Mallya: India Presses for Extradition Amid New Warrants and Seized Assets

The Indian government has intensified its efforts to extradite fugitive businessman Vijay Mallya, who is wanted for a bank loan default case involving his defunct Kingfisher Airlines. In a recent meeting, Indian authorities urged French officials to approve Mallya's extradition without any conditions, highlighting his significant assets in France.

Mallya, who owes 17 Indian banks an estimated Rs 9,000 crore, has been declared a fugitive economic offender under the Fugitive Economic Offenders Act in 2019. He is currently residing in the United Kingdom, where he has been resisting deportation to India. Despite exhausting all legal avenues in the UK, Mallya remains at liberty, pending the resolution of a 'confidential legal matter,' believed to be an application for asylum.

New Warrants and Legal Developments

A special court in Bangalore has recently issued an open-ended non-bailable warrant against Mallya to reinforce the existing international arrest warrants. This warrant ensures that Mallya would be jailed immediately if he were to be returned to India. Additionally, a special court in Mumbai has issued a non-bailable warrant in a Rs 180-crore loan default case linked to Indian Overseas Bank, citing Mallya's status as a fugitive and his history of subverting the legal process.

The Central Bureau of Investigation (CBI) has alleged that Mallya caused a wrongful loss of over Rs 180 crore to the government-run bank by diverting loans for purposes other than those intended. The CBI has also highlighted that Mallya has consistently defaulted on repayment obligations and has been declared a fugitive economic offender in a money laundering case probed by the Enforcement Directorate (ED).

Seized Assets and International Cooperation

French authorities have previously seized Mallya's properties in France, valued at nearly Rs 14 crore, on the request of the Enforcement Directorate. This action was part of the broader effort to recover assets acquired by Mallya while his Kingfisher Airlines was facing financial difficulties. The Indian government is also seeking cooperation from other countries, including the UK, to expedite Mallya's extradition and recover the defaulted loans.

The case against Mallya has significant implications for India's efforts to deal with economic offenders. The Indian authorities are hopeful that a new UK government might review its stance on Mallya's extradition, which has been a judicial matter so far. The ongoing legal battles and international cooperation highlight the determination of Indian authorities to bring Mallya to justice and recover the substantial amounts owed to Indian banks.