Breaking News: Vijay Mallya arrested in London; to be extradited soon

It seems it is the end of good times for liquor baron Vijay Mallya. Mallya has been arrested by the Scotland Yard in London and is expected to be extradited to India.

Mallya has refused to appear before courts even after repeated warnings over tax default cases. As per various reports, a CBI team will visit United Kingdom soon.

Mallya fled to Britain in March 2016 and has been wanted in India for defaulting on loan payments to state-owned banks and allegedly misusing the funds. He owes banks at least Rs 9,000 crore.

His financial dealings are being investigated by the CBI and federal Enforcement Directorate.

In January, a court ordered a consortium of lenders to start the process of recovering the loans.