Vijay Mallya, the boss of the now defunct Kingfisher Airlines, was arrested by Scotland Yard in London days after India requested Britain to extradite the 'international businessman'.
The liquor baron was arrested at about 9.30 am London local time and was taken to Westminster court.
British authorities have informed the Central Bureau of Investigation (CBI) about Mallya's arrest.
In a major breakthrough for the Indian law enforcement authorities, the Scotland Yard on Tuesday arrested absconding liquor baron Vijay Mallaya in London. Mallya is likely to be extradited to India at a later date.
He is wanted in several economic offences cases, including defaulting on loans worth crores of rupees. According to TV reports, he is expected to be produced before the magistrate court in Westminster.
Earlier, the Indian government requested the Theresa May government to extradite Mallya. The request came when Finance Minister Arun Jaitley met the UK Chancellor.
On February 21, the UK authorities conveyed to their Indian counterparts that the Secretary of State had certified their extradition request.
“The UK Home department on February 21 conveyed that the request of India for extradition of Mallya has been certified by the secretary of state and sent to the Westminster Magistrates’ Court for a district judge to consider the issue of releasing of warrant,” External Affairs Ministry spokesperson Gopal Baglay said.
In the same month, a special court allowed the Enforcement Directorate to invoke the India-UK Mutual Legal Assistance Treaty (MLAT) and face probe in a money laundering case. Despite its efforts the ED failed to corner Mallya.
In the past they had obtained a non-bailable warrant, revoked his passport and unsuccessfully sought a Interpol warrant. The ED has attached his assets worth Rs 9,661 crore in the case.
The CBI is also investigating Mallya for the alleged loan defaults under the provisions of the Prevention of Corruption.
Mallya had fled from the country in 2015 and sought refuge in the United Kingdom, after a lookout notice was issued against him. His arrest incidentally comes on the same day British Prime Minister Theresa May called for fresh polls in the country.Here are the top 10 developments:KING OF GOOD TIMES ARRESTED
Proclaimed offender industrialist Vijay Mallya was today arrested in London by Scotland Yard on India's request for his extradition.
"Officers from the metropolitan police's extradition unit have this morning arrested a man on an extraction warrant. He was arrested at about 3 pm IST.MALLYA GETS BAIL
The Metropolitan Police said Mallya was arrested after attending a central London police station. He was produced at the Westminster Magistrates' Court in London and was later seen walking out with his legal team a few hours later after being granted bail.
"It was a voluntary action. He will be out in a few minutes," said a member of Mallya's team was quoted as saying by the news agency PTI.THE DEFAULTER TWEETS
Soon after getting bail from the Westminster Magistrates' court, Mallya took a swing at the media accusing them of 'hyping' the development.
"Usual Indian media hype. Extradition hearing in Court started today as expected," Mallya tweeted.THE EXTRADITION REQUEST
India had made an extradition request in February to Britain to deport absconding businessman to face trial. Mallya had fled from India on March 2, 2016.THE REQUEST OKAYED
Last month, Britain cleared India's request to extradite Mallya to India after special request from the Ministry of External Affairs, Union Finance Minister Arun Jaitley and his ministry.MALLYA WILL BE BROUGHT BACK: GOVT
"Vijay Mallya will be brought back to India, due process of law will be followed," BJP leader and MoS Finance Santosh Gangwar said. Meanwhile, Union Law Minister Ravi Shankar Prasad said that India had put up "a strong case against Vijay Mallya in England."EX-CBI CHIEF SPEAKS
Former CBI Director Anil Sinha said the arrest of Vijay Mallya was a "success" of law enforcement agencies and that efforts to bring him back would "fructify". He also said the arrest signifies the strong resolve of law enforcement agencies and the government.CONGRESS TAKES CREDIT
"After relentless campaign by Congress, finally extradition request was submitted by government in February," Senior Congress leader Randeep Surjewala told news agency ANI.STOP MISLEADING: CONGRESS
"...but within one hour, Vijay Mallya got bail. So, the government should stop misleading the people of India," Surjewala said.THE CASE
Mallya is branded a willful defaulter by United Bank of India. He is facing legal proceedings for defaulting on loans of over Rs 9,000 crore and being tried for cheque bounce. In November, 2015, Finance Minister Arun Jaitley claimed that the total amount owed by Kingfisher owner is Rs 9,091.40 crore. And interestingly Mallya use to takes a salary of Rs 33.46 crore from now defunct Kingfisher Airlines.