Force India Chief Vijay Mallya has been bailed after appearing in court in London. It was on a security of £650,000.
Vijay Mallya, 61, was arrested on Tuesday by the Metropolitan Police on behalf of the Indian authorities, over fraud accusations.
Our source confirmed that India has been seeking the extradition of Mr Mallya. The Force India chief faces charges of financial irregularities at his defunct Kingfisher Airlines.
Force India chief is said to owe banks but he denies wrongdoing. He owes about £600m.
He appeared at Westminster Magistrates’ Court on Tuesday and a case management hearing was scheduled for 17 May.
Force India chief and Indian tycoon Vijay Mallya Twitter account said: “Usual Indian media hype. Extradition hearing in court started today as expected.”
Force India chief entered the UK on a valid passport in March 2016.
Mr Vijay Mallya, 61, is the force India chief and he made his fortune selling beer under the Kingfisher brand before branching out into aviation and Formula 1 racing.
The Indian tycoon is the co-owner of the F1 team Force India and also owns the Indian Premier League cricket franchise Royal Challengers Bangalore.
But, Mr Mallya’s airline was grounded in 2012 and its flying permit lapsed the following year.
Kingfisher made annual losses for five years in a row and finally collapsed after lenders refused to give it fresh loans.
The 61-year old was blocked from receiving $75m in severance pay from the UK drinks giant Diageo in March last year.
He was due to receive the money after being ousted from the firm, but a consortium of banks and creditors had demanded the money should be used to settle some of Mr Mallya’s outstanding debts to them.
India revoked Mr Vijay Mallya’s passport In April last 2016. The following month, it began seeking his extradition from the UK.