Indian tycoon Vijay Mallya arrested in London

Indian liquor tycoon and boss of Sahara Force India Formula 1 team Vijay Mallya has been arrested in London on Tuesday (18 April), following an extradition request by the Narendra Modi government.

Mallya, whose failed Kingfisher Airlines owes $1.4bn (£1.1bn, €1.3bn) to 17 different financial institutions in India, has refused leave the UK to answer pending claims against him.

Following his failure to turn up before the authorities despite several summons, extradition proceedings were initiated by New Delhi, culminating in Indian Finance Minister Arun Jaitley raising the issue directly with Prime Minister Theresa May, while on an official visit to London in February.

At the time, Jaitley told IBTimes UK: "The Indian Government takes defaults very seriously. We have raised the matter with the British authorities at the highest level and have sent a strong message. The government is determined to recover the last rupee owed to Indian taxpayers."

In September 2016, the Indian government revoked Mallya's passport on grounds of misconduct and refusal to answer charges of "wilful default."

India subsequently lodged a formal request for Mallya's extradition under the Extradition Treaty between India and the UK.

"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday (18 April) arrested a man on an extraction warrant," the Metropolitan Police confirmed in a statement.

Mallya has been granted conditional bail pending a deposit of £650,000. A date for his hearing has been set for 2pm on 17 May.