As informed by the UK's Crown Prosecution Service (CPS), embattled Indian liquor baron Vijay Mallya was granted immediate bail following his arrest in London on Tuesday, in a second money laundering case filed by the Indian Enforcement Directorate. Mallya appeared before Westminster Magistrate's Court during the day, denying all allegations against him. Ahead of the hearing, he said he had “done nothing wrong” and that the allegations against him were “fabricated”. “I deny all allegations that have been made and I will continue to deny them. I have not eluded any court. I've given enough evidence to prove my case,” he said.
Chief Magistrate Emma Louise Arbuthnot, who has been hearing his extradition case at the court granted him bail on the “same bail conditions as before” which he must abide by. Next hearing in the case will take place on November 20. The CBI and the ED had recently discovered that Mallya diverted most of the £600 million loan to shell companies across several countries including US, UK, France, and Ireland. The amount was taken from a consortium of 17 banks led by the State Bank of India. The liquor baron owes as much as £900 million to banks in India. He fled India in March, last year, and has been living in London since then.
He was arrested earlier this year by the Scotland Yard, acting on India's formal extradition request for him. It is speculated that with the fresh allegations, it may become tough for Mallya during his hearing in December. Both, the CBI and the ED have submitted all probe evidence necessary to the British Crown Prosecution Service. A senior official in the know, said, “He can say whatever he wants, but ours is a watertight case.”
For those interested, Mallya managed to break his previous record by attaining bail in less than 30 minutes. His April 18 arrest saw his lawyers fret for about three hours before he could walk away untouched. While the new development is a clear indication of Modi government's conviction in bringing the businessman to justice, his speedy bail sets an example on just how difficult it might be for India to bring him back to the country. On the plus side, the case against Mallya is stronger than ever. The ED's fresh affidavit with more evidence about the charges of fund diversion and financial irregularities allegedly conducted by the accused. The UK court has even found merit in the arguments, which prompted his arrest.
Bringing home Mallya is much more than a case for the consortium of banks. It has grown to become a big political issue as well. The NDA has been pushing for his extradition and arrest for over a year now, pushing various investigative agencies to plug the loopholes.
