Vijay Mallya 'ready' to return to India and face law
What's the story
Vijay Mallya, who is the key accused in Rs. 9,000 crore bank fraud, is ready to come to India to face the law, a report suggests. The embattled liquor baron is currently in London fighting the case of his extradition against Indian authorities. He is reported to have told authorities back home that he's ready to follow the Indian course of law.
Information
Notably, details about Mallya's 'return' are not revealed yet
Reportedly, Mallya is willing to contest the action taken against him under the Fugitive Economic Offender Ordinance. This ordinance allows the government to confiscate all of Mallya's properties, in India and abroad. However, the details of this proposed 'return' are still unclear.
The summons
Meanwhile, Mallya has been asked to appear in Mumbai soon
The Enforcement Directorate sought strict action against Mallya under the aforementioned ordinance. Acting on this, a special Prevention of Money Laundering Act court directed Mallya to appear in Mumbai on August 27. If he fails to appear, or reply to the summons, he would be declared fa ugitive economic offender. His property worth Rs. 12,500 crore is also likely to be confiscated by ED.
A letter
Mallya had told PM Modi he was made 'poster-boy'
Recently, Mallya revealed a two-year-old letter he had written to Prime Minister Narendra Modi, to 'put things in perspective'. He wrote he was made 'poster boy' of bank default. Mallya said he was trying to repay the loans, and added: "If politically motivated extraneous factors interfere, there is nothing that I can do." He claimed ED and CBI were 'determined' to criminally prosecute him.
Looking back
Vijay Mallya and the loans: A troubling history
Under the UPA-1 regime, Mallya took loans from many banks and the outstanding amount with interests is now Rs. 9,990 crore. He flew to the United Kingdom (UK) in 2016 and has been fighting cases there. Recently, his counsels told courts in London he shouldn't be extradited as living conditions of the Arthur Jail (where Mallya is likely to kept) are bad.