Indian tycoon's lawyer rebuts government extradition case

Markets Associated Press

Indian tycoon Vijay Mallya is refuting the Indian government's charge that he obtained hundreds of millions of dollars in bank loans that he knew he wouldn't be able to repay.

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Lawyer Clare Montgomery said Tuesday there is no evidence to support the government's claim that Mallya misused loans he obtained to support ailing Kingfisher Airlines in 2009. Prosecutors say he used the money to support his Formula One racing team and other endeavors.

She told Westminster Magistrates Court the government's claim is "nonsense" and said the prosecution had been subjected to improper political interference.

The 61-year-old Mallya is fighting extradition to India on money laundering charges related to the failure of his airline and other businesses. He denies wrongdoing.