Update: Vijay Mallya has just been granted bail by the Westminister Magistrate's Court, three hours after he was arrested, according to CNN-IBN news. 

Vijay Mallya’s extradition from London was long pending and seemed almost impossible. Well but as Modi promised that no one would be spared, the king of good times has been arrested in London. As you read this piece, Mallya is being held in custody by the Scotland Yard and will be produced in the Metropolitan court.

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The Indian Government had cancelled his passport and his extradition was long in the process. The government was informed that his deportation request was not covered under the UK laws that allowed visitors to stay back even if their passport wasn't valid any longer. To refresh things a bit, Mallya was charged by the CBI on the grounds of non-payment of a loan of Rs 900 Crore to IDBI bank. Rs 250 Crore out of this money was diverted to off-shore funds. He fled India despite the court’s order restraining his travel outside of India.  In all, Mallya has defaulted on loans of Rs 9000 Crore and has refused to pay back. The Indian foreign ministry has for long been in talk with the UK foreign ministry to get Mallya to India, so as to begin with the proceedings.

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As the news has just broken, we are awaiting more details.