Mallya released on Bail within hours
Liquor baron Vijay Mallya was arrested in London yesterday before being released on bail for the second time this year, in a case of money laundering filed by Indian authorities through UK’s state prosecutor.
The 61-year-old tycoon, who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India. He slipped out of the country in March last year, amid attempts by a group of banks to recover more than Rs. 9,000 crore loaned to him for his now-collapsed Kingfisher Airlines.