Defunct Kingfisher Airlines owner Mr.Vijay Mallya who fled the country after scamming bankers for more than 6000 Crore is arrested by Scotland yard police. This comes after India cancelled his passport and put pressure on British government to deport him for fair trial.
Over the last few years mallya has been a topic in every bank default discussion and how he took loan with out providing sufficient collateral security. Many senior bank officials and politicians are under scanner for lending and influencing fund flow to his defunct airlines.
Mallya was consistently saying that he is willing to settle dues with a final settlement, However banks were not very much keen for settlement. In the same case ED froze his assets in India and a 1000 page trial document is pending to be heard in the court.
Indian banks are suffering huge losses due to bad loans and Vijay Mallya is just a Minor chunk of it. Such actions by government will definitely put pressure on other defaulters to payback.
He also got out of a bail in less than 3 hours after producing before the magistrate. This seems to be a normal course and debate now is either British government will either deport him or initiate legal extradition. Extradition is a long process while deporting is quite easy and will take less time.
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