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Under the new Fugitive Economic Offenders Act, Mallya is the first accused in India to be booked. In 2019, a Mumbai court named Mallya as an offender under the Act, empowering probing agencies to seize his properties and assets the world over.
A CBI source related to the development said that after Mallya's extradition, they will take his custody first as they were the first agency to file a case against him.
The dismissal of the High Court appeal effectively clears the decks for Mallya's extradition to India to face the charges in the Indian courts, with 14 days for him to apply for permission to appeal to the UK Supreme Court.
I request the banks with folded hands, take 100 per cent of your principal back, immediately, he said outside the Royal Courts of Justice in London.
Mallya has denied all wrongdoing and argued the case against him was politically motivated.
BJP says the UPA under Sonia Gandhi and Manmohan Singh had given sweet deals to Kingfisher Airlines.
The 62-year-old former Kingfisher Airline boss has been on bail on an extradition warrant since his arrest in April last year.
Under the recently promulgated Fugitive Economic Offender Ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad.