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Vijay Mallya

Indian tycoon Mallya to be extradited on fraud charges

LONDON: Indian tycoon Vijay Mallya should be extradited from Britain to India to face fraud charges resulting from the collapse of his defunct Kingfisher Airlines, a London court ruled on Monday. India wants to bring criminal action against Mallya, 62, whose business interests have ranged from aviation to liquor, over $1.4 billion in loans Kingfisher took out from Indian banks which the authorities argue he had no intention of repaying. Mallya, who co-owned the Formula One motor racing team Force India until it went…

India to seize property of super-rich fugitives: document

NEW DELHI: Indian authorities will be empowered to seize properties of super-rich fugitives whose economic offences or crimes involve sums over 1 billion rupees ($15 million), according to a government document seen by Reuters on Saturday. The move comes as the country reels from a series of banking scandals, including a $2 billion fraud at state-run Punjab National Bank that was uncovered in February. Mumbai jewellers Nirav Modi and his uncle Mehul Choksi are prime suspects in the case and a special court of the…