Vijay Mallya's reaction on his arrest: It's usual Indian media hype

Vijay Mallya, the multimillionaire co-owner of the Force India Formula One team has been arrested in London on behalf of Indian authorities investigating allegations of fraud in connection with the collapse of Kingfisher Airlines.

The Ministry of External Affairs confirmed that India had handed over a request for the extradition of Vijay Mallya to the British High Commission, saying it had a legitimate case against him on charges of financial irregularities and loan default.

On a day when businessman Vijay Mallya was arrested by the Scotland Yard in London and momentarily released on bail, Prime Minister Narendra Modi criticised those have "looted the poor and middle classes".

Mallya, who is accused of defaulting on loans worth thousands of crores, was arrested by the Metropolitan Police in London. However, he managed to get bail soon after the arrest.

Earlier this year, the United Kingdom government had told New Delhi that the wheels have started rolling to meet the Indian request for Mallya's extradition. He later secured bail from Westminster Magistrates' Court. "Extradition hearing in Court started today as expected", he tweeted.

But he ran into trouble when he failed to returns millions of dollars of loans and left India past year amid attempts by a group of banks to recover the money.

India's Enforcement Directorate has been gathering evidence as part of its investigation into the tycoon's debts, totalling £977million, linked to Mallya's now-defunct airline Kingfisher. "We will make sure he is brought back to India and produced before the law after due consideration of legal formalities", he said.

"After relentless campaign by Congress, finally extradition request was submitted by government in February", Senior Congress leader Randeep Surjewala told news agency ANI. The banks had in March past year moved the Supreme Court to prevent Mallya from leaving the country.

Mallya's Indian passport, which was revoked when he moved to London, is now with the Scotland Yard.

May: UK government takes note of serious allegations against Mallya, suggests request be made under Extradition Treaty (Mutual Legal Assistance Treaty).

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