NEW DELHI—British police on Tuesday arrested Indian business tycoon Vijay Mallya in London on behalf of authorities in India, where he is wanted on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. Mallya was arrested after showing up in a police station and will appear in court for a preliminary hearing later Tuesday, said a statement from the Metropolitan Police in London. At the time, it said Mallya was not co-operating with investigators, and three times ignored their summons to give evidence. Mallya was famous for his flashy lifestyle and lavish parties attended by fashion models and Bollywood stars. He was once hailed as India’s version of British tycoon Richard Branson for his investments in a brewing and liquor company, an airline, a Formula One team and an Indian Premier League cricket club.

Source: thestar April 18, 2017 16:52 UTC