This is what Scotland Yard said on Vijay Mallya’s arrest

Liquor baron Vijay Mallya was granted bail hours after he was arrested by the Scotland Yard.

Mallya, who has been charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines, fled to Britain in March last year.

He has set his base in London. Banks in India have sued Mallya to recover some Rs 9,000 crore and he has been charged with conspiracy and fraud

Mallya has always dismissed the charges, saying "not one rupee was misused".

Meanwhile, Mallya was arrested in relation to extradition request from the UK to India. He was arrested under the Mutual Legal Assistance Treaty by the London Metropolitan Police on behalf of Indian authorities on fraud accusations.

Here’s the full text of what Scotland Yard said on Mallya’s arrest

Officers from the Metropolitan Police’s Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant.

Vijay Mallya, 61 (18/12/1955), was arrested on behalf of the Indian authorities in relation to accusations of fraud.

He was arrested after attending a central London police station, and will appear at Westminster Magistrates’ Court later today, 18 April.