The UK Home Secretary clearing the extradition of the fugitive Indian businessman Vijay Mallya is, on the face of it, another victory for the Indian government.
But this was on the cards ever since a British court ruled that, in December 2018, Vijay Mallya could be extradited to India in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines.
He also faces fraud, money laundering and violation of Foreign Exchange Management Act. The total amounted defaulted by the 62-year-old, who in Indian media is always preceded by sobriquet liquor baron, is pegged at Rs 9,000 crore.
Mallya, of course, has a window of around 14 days to appeal, and if even if he doesn’t win it, the legal process to bring him back to India may take at least six-seven months, legal experts say.
In that sense, the go-ahead for extradition can be used as good metrics by the Modi government and score a few political points during the poll campaign.
An issue with such corporate cases is that establishment of criminal intent is difficult. A loan default can also happen because of genuine business decisions going awry. Of course, this is the plank that high-profile businesspersons always try to stand on.
05/02/19 Yahoo
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But this was on the cards ever since a British court ruled that, in December 2018, Vijay Mallya could be extradited to India in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines.
He also faces fraud, money laundering and violation of Foreign Exchange Management Act. The total amounted defaulted by the 62-year-old, who in Indian media is always preceded by sobriquet liquor baron, is pegged at Rs 9,000 crore.
Mallya, of course, has a window of around 14 days to appeal, and if even if he doesn’t win it, the legal process to bring him back to India may take at least six-seven months, legal experts say.
In that sense, the go-ahead for extradition can be used as good metrics by the Modi government and score a few political points during the poll campaign.
An issue with such corporate cases is that establishment of criminal intent is difficult. A loan default can also happen because of genuine business decisions going awry. Of course, this is the plank that high-profile businesspersons always try to stand on.
05/02/19 Yahoo
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