Force India’s F1 team owner Vijay Mallya has been arrested for the second time in London, now on money laundering charges relating to the running of his F1 squad.
Indian banks claim that Mallya owes $1.4 billion after the failure of Kingfisher Airlines and that some of these funds may have been directed to the Force India team. Consequently, authorities in India are looking to extradite Mallya so he can stand trial.
In a statement, the lawyer representing the Indian government, Mark Summers said “The government alleges, for example, some of the funds have ended up with the Force India Formula 1 team.”
Shortly after his arrest, Mallya was released on bail and is refusing to be extradited. However, he will be required to attend a hearing on November 20 before an eight-day extradition hearing commences on December 4, Autoweek reports.
While Mallya is now facing money laundering charges, his arrest in April involved broader accusations about fraudulently obtaining and misappropriating funds.
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