By SM.10 Dec, 2018
LONDON: Fugitive tycoon Vijay Mallya will be extradited to India to face fraud investigations, a court in the UK has decided. He is wanted in India for defaulting on Rs. 9,000 crore in loans to his failed Kingfisher Airlines. He repeated to reporters that he was ready to repay 100 percent of his dues - an offer he has repeatedly made on Twitter - but Kingfisher employees should be paid first. "Former employees of Kingfisher airlines are my first priority," the 62-year-old said. The flamboyant businessman left India in 2016 as a group of banks started legal proceedings to recover the loans. He has been living in a mansion near London since.
Vijay Mallya has the option of going to a higher court. He has been out on bail since his arrest on an extradition warrant last year.
He had through recent tweets offered to repay the loan. "Wherever I am physically, my appeal is "please take the money". I want to stop the narrative that I stole money," he had tweeted last week.
"I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud," he tweeted.
Vijay Mallya had argued against his extradition, saying Indian jails do not have proper air and light. India had to submit a video of Barrack 12 of Arthur Road Jail, where he is to be lodged, after judge Emma Arbuthnot asked for it.