Liquor tycoon Vijay Mallya was arrested on Tuesday by the Scotland Yard in London. Mallya was taken to Westminster magistrates' court. The arrest comes after Finance Minister Arun Jaitley's recent visit to UK. During his visit, Jaitley had personally appealed to UK PM Theresa May for Mallya's extradition.

Mallya was arrested in the loan default case after the order of Wensminster court. Last month, the British government certified India's request and sent it to a district judge for further action.

In an official statement on Mallya's arrest , Scotland Yard said, "Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant. Vijay Mallya, 61 (18/12/1955), was arrested on behalf of the Indian authorities in relation to accusations of fraud. He was arrested after attending a central London police station, and will appear at Westminster Magistrates' Court later today, 18 April."

19:50 PM: Ministry of External Affairs said that it the two governments are in touch in this context. Holding that Mallya's arrest in London by Scotland Yard today was in connection with the request by the government to the UK authorities for his extradition, external affairs ministry spokesperson Gopal Baglay said.



17:15 PM: Mallya's next date of hearing is on May 17 at 14:00 hrs for the extradition hearing.



17:00 PM: Vijay Mallya tweets "Usual Indian media hype. Extradition hearing in Court started today as expected."



16:50 PM: In an interview to ET, Vijay Mallya's counsel said that Mallya has already been granted bail and he is already home.



16:19 PM:Mallya will be brought back to India . The government is working towards it continuously, no one will be spared: Minister of State for Finance, Santosh Gangwar

16:15 PM: UK Police has arrested Vijay Mallya under MLAT treaty, confirms CBI



15:45 PM: The CBI has also confirms the arrest of liquor baron Vijay Mallya.

15:40 PM: Minister of State for Finance, Santosh Gangwar over Vijay Mallya arrest: Nobody will be spared.

15:35 PM: Vijal Mallya arrested at 9:30 AM in London

Earlier in January, a CBI court had issued a non-bailable warrant against Mallya in the Rs 720-crore IDBI Bank loan default case.

Despite multiple injunctions, Mallya failed to appear before investigators at the Enforcement Directorate in connection with a probe under the Prevention of Money Laundering Act (PMLA).

A Delhi court had also put out an open-ended non-bailable warrant against Mallya in a case of alleged violation of foreign exchange rules.

Banks had previously shot down Mallya's offer of Rs 6,868 crore in April 2016 to settle the dues.

Meanwhile, after three unsuccessful attempts, banks have finally managed to sell off Vijay Mallya's iconic villa in Goa . Actor-producer Sachin Joshi has bought the 'house of good times' for Rs 73 crore.

The sale has been done through a private treaty.

The harried lenders to Kingfisher Airlines have ended the jinx to recover the dues of over Rs9,000 crore by monetising assets of the airline under their custody by selling the villa to actor-producer Sachiin Joshi.

"Secured creditors have the right to go for a private treaty if the auction route fails. With this, it seems the jinx over the sale of KFA properties is over. The villa was sold through a bilateral agreement earlier this week for Rs 73.01 crore to actor-producer Sachiin Joshi," a source who is aware of the development told PTI.

However, Sachin Joshi, the new owner of the grand villa might change its name.

Kingfisher House, the erstwhile headquarters of the airline, was put under the hammer at a reserve price of Rs 103.5 crore while the same for Villa in Goa was Rs 73 crore.

The SBI-led consortium had reduced the reserve price of Kingfisher Villa, the plush property situated at Condolim in North Goa, by 10 per cent from Rs 81 crore quoted in the second attempt at auction of this property in December.

The sea-facing property, which had been home to numerous lavish parties hosted by Mallya in the past, was put under the hammer for the first time last October with a reserve price of Rs 85.29 crore.

Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He left the country on March 3 last year for the UK and Indian authorities have been trying since then to bring him back.

(With inputs from PTI)