London: Within few minutes of his arrest, absconding liquor baron Vijay Mallya has been granted bail. Mallya who is wanted in connection to a loan default case to the tune of Rs 9,000 crore, was arrested in London on Tuesday. The fugitive business has, however, been granted bail soon after.
Mallya has been rejecting allegations by investigation agencies that he diverted most of the money borrowed from a State Bank of India-led consortium of lenders as fabricated and baseless. This is the second arrest this year. He was arrested in April and was granted bail. India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8.