F1: Vijay Mallya faces new money-laundering charges
Vijay Mallya, the managing director of the Sahara Force India team, has been in the UK avoiding arrest for defaulting on loan repayments to the tune of Rs 6000 crore. It has now emerged that Mallya, who was arrested in April, was once against arrested on Tuesday, October 3rd, 2017, this time facing money-laundering charges. The new charges allege that Mallya funded his Formula 1 team with money-laundered cash.
Mallya, who was let out on bail after appearing before the Westminster magistrates' court has denied the allegations made against him. He also stated that it was his lawful duty to be at the court, a duty that he is happy to perform.
An extradition hearing will begin on December 4th, in order to start the process of bringing the businessman back to India, from where he has fled. Mallya currently resides in Hertfordshire in a mansion that was once owned by Lewis Hamilton's father. Before that particular hearing, Mallya is expected back in court on the 30th of November, 2017.
It is as yet unclear what the repercussions could be on the Force India team, should Mallya be extradited to India and convicted for his financial follies.
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