2017 F1

Force India F1 team named in Mallya money laundering

Vijay Mallya is accused of laundering money related to his F1 team Force India.

On Tuesday, the former Indian billionaire was arrested in the UK and later released on $80,000 bail.

“He will return to court on November 20,” the financial news agency Bloomberg reported, that – The new charge is essentially showing where the money went to, for example, it is alleged that some of the funds ended up with the Force India racing team”.

A prosecution statement said some of Mallya’s allegedly laundered money in the case “ended up with the Force India racing team”.

Outside court, he did not deny the charges.

“You heard it all (in court),” said Mallya.

“Many allegations are extraordinary and you will hear it in the next hearing, no doubt. Whatever I will say I will say in court and do not have to repeat to the media.”

More from Bloomberg: Embattled liquor baron Vijay Mallya has been arrested in London in connection with the Enforcement Directorate’s money laundering probe into the Rs 900-crore IDBI Bank-Kingfisher Airlines bank loan case.

He will be produced at the Westminster Magistrates’ Court at 2 pm (London time) today, the U.K.’s Crown Prosecution Service told BloombergQuint. He’s likely to get bail, they added.

Mallya is undergoing trial and is currently out on bail in another case in which he was arrested in April following the Indian government’s extradition request.

He has been staying in London for over a year now after leaving India on March 2 last year, in the middle of attempts by a group of banks to recover more than Rs 9,000 crore loaned to him for his now collapsed Kingfisher Airlines.

India had made an extradition request in February to Britain to send back the businessman to face trial.

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