mumbai

Updated: Feb 07, 2019 09:12 IST

Extraditing fugitive businessman Vijay Mallya to India from the UK, for multicrore loan recovery cases by several banks, would pave way for a speedy trial in the country, according to the Enforcement Directorate (ED), the central agency that booked Mallya for laundering an estimated Rs 9,000 crore, on Tuesday.

The extradition process was approved by the UK Home Secretary on Monday after a lengthy trial in the Westminster Court.

The ED said if the 63-year-old businessman is brought back, he will be lodged at Arthur Road Jail where a barrack has been readied. Further, Mallya’s presence is important to ascertain the full particulars of his assets and complete disclosure about the financial trail. The ED wants him to disclose the relevant facts pertaining to receipt and disbursement of loans to Kingfisher Airlines Limited (KFA) along with other financial transactions. “The trial will be expedited,” said a senior official privy to the development. “This will set a right example and other economic offenders would desist from leaving the country.”

Mallya now has 14 days from February 4 to apply for leave to appeal to the UK high court. “If the appeal is admitted, we will defend,” said the official.

On the trial that led to the extradition, the official said, “It is a lengthy and reasonable order passed by the judge, considering the evidence placed by the government of India. Based on the evidence, the judge has found a case against Mallya for cheating, fraud and money laundering. According to the extradition process, the court therefore recommended the case to the UK Home Secretary for considering extradition. He has allowed it.”

Sources from the ED said a special court declaring Mallya a fugitive economic offender (FEO) will provide further impetus to their case if his leave to appeal to the UK high court is approved. “We will appraise the court about the FEO tag,” said the officer. Further, Mallya will risk having his properties seized after delaying to return to the country. “The proceedings for confiscation of properties under the FEO act is underway in a special Mumbai court,” said the officer.