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Force India boss Vijay Mallya faces new money-laundering charges

2017-10-04 13:21

NABBED! Indian business tycoon Vijay Mallya and owner of the Force India Formula 1 team. Image: AFP / Oli Scarff

London -  The Indian government has brought a new money-laundering charge against a prominent Indian tycoon who is fighting extradition from Britain, prosecutors said Tuesday.

Britain's Crown Prosecution Service said Vijay Mallya appeared in court and was released on bail. He is due back in court on December. 4 for an extradition hearing expected to last eight days.

Owes over $1-million in loans

Mallya is the co-owner of the Force India Formula 1 team. He is wanted in India to answer money-laundering charges and bank demands that he repay more than $1-billion in outstanding loans to his defunct airline.

Prosecutors said Tuesday the new charge was added to the existing charges Mallya faces during a brief case-management hearing in Westminster Magistrates Court.

A Crown Prosecution Service statement says it is alleged that some of the money involved "ended up with the Force India racing team."

Mallya was well known in India for his opulent lifestyle. His extravagant parties were often attended by supermodels and Bollywood stars.

Mallya accused of being uncooperative 

After his last court hearing in London in June, he told reporters outside the courthouse that he was looking forward to clearing his name in court.

"I am delighted that I could put my case forward before a fair and impartial U.K. court," he said at the time. "I deny all allegations that have been made."

Indian investigators say Mallya has refused to give evidence in India and has been uncooperative.

Prosecutors say the judge may announce a decision on the extradition request at the conclusion of the hearing in December.

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