India trying to bring back debt ridden businessman from Britain through extradition

Indian Finance Minister Arun Jaitley on Wednesday informed the country's parliament that the government was trying to bring back the indebted businessman Vijay Mallya from Britain through extradition.

"Public Sector banks which had given loans to Mallya are seeking his arrest," Jaitley said. "The investigative agencies are looking into the crimes committed by the industrialist in India."

Reports said Britain has made it clear that it cannot deport Mallya for he has entered in the country on a valid passport.

Mallya who was an independent lawmaker in the upper house of the Indian parliament resigned earlier this month.

The former head of collapsed Kingfisher Airline and liquor baron is wanted in India for over a billion dollars in unpaid loans.

Analysts described his resignation as an indication that he has no intention to return to India.

Mallya, who fled out of India in March is believed to be in Britain. Last week the Indian government asked Britain to deport him.

The Indian government has revoked Mallya's passport after a Mumbai court issued non-bailable arrest warrant against him over money laundering allegations related to his defunct Kingfisher Airline.

Describing himself as victim of "media witch hunt", he has denied any "wrongdoing" and insists that he was not absconding.

He has earlier spoken via video-conference to a consortium of 18 banks on different occasions showing his willingness to pay part of money. However, the banks have rejected his repayment options and said he must negotiate with them in person, and increase the amount to clear his debt.

Mallya made his fortune by selling beer and subsequently invested in aviation and sporting arenas including Formula One racing and Indian Premier League cricket.

Reports said his debts were mainly incurred by the failure of his airline. Endit