London's Westminster Magistrates Court orders extradition of Vijay Mallya to India, CBI welcomes decision

Vijay Mallya has on Monday once again reiterated that he is ready to pay the loan taken from the Indian banks and the offer has nothing to do with extradition case.

Mallya recently offered to pay back 100 per cent of the principal amount taken from Indian banks. (Image: AFP)

Vijay Mallya case: London's Westminster Magistrates Court on Monday ordered the extradition of Vijay Mallya to India. The matter of extradition of the fugitive tycoon to India has been referred to the Secretary of State.  Westminster Magistrates' Court Chief Magistrate Judge Emma Arbuthnot ruled that Mallya can be extradited to India to stand trial on the charges brought by the CBI and ED. The Central Bureau of Investigation (CBI) welcomed the decision of the UK court. Reports say Mallya will be appeal in the higher court against the decision. Mallya is wanted for alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores. The embattled businessman now has 14 days to appeal against the verdict. Earlier during the day, Mallya reiterated that he is ready to pay the loan taken from the Indian banks and the offer has nothing to do with extradition case. Speaking to reporters outside the Westminster court, Mallya said that he would respect the verdict of the court. “Whatever the judgement, my legal team will reveal the judgement and take proper steps thereafter. Yes I have tweeted saying that I want to repay, that has nothing to do with this extradition issue. It's a completely separate matter.” Mallya also informed that he has filed a settlement application before the Karnataka High Court and the hearing for the same will also take place today. "I want to disprove the narrative that I have stolen (money)," he said adding that his offer to repay the principal amount to the Indian banks was "not bogus". When asked about ‘how genuine is his offer of settlement’, the business tycoon said, “There is nothing genuine or not-genuine. Please understand that the offer has been made in a court of law. Nobody disrespects a court of law. Days back, Mallya took to Twitter and offered to pay back 100 per cent of the principal amount taken from Indian banks. "Airlines struggling financially partly becoz of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it," he had tweeted. According to a report by news agency PTI, a team of officials led by the CBI's Joint Director, S Sai Manohar, left for London on Sunday to attend a crucial hearing in the extradition case of embattled liquor baron. Mallya faces a case of loan default to the tune of Rs 9,000 crore besides allegations of money laundering and diversion of loan funds for purposes other than they were meant for. He is in self-imposed exile in London. The renegade businessman left for the United Kingdom (UK) in March 2016 taking advantage of the dilution in the CBI lookout notice against him. Indian agencies are seeking to extradite him.