Vijay Mallya, the multimillionaire co-owner of the Force India Formula One team, has been arrested in London on behalf of Indian authorities investigating allegations of fraud in connection with the collapse of Kingfisher Airlines.

Scotland Yard said Mallya, who fled to the UK from India to avoid arrest in relation to £1bn of unpaid debts, was arrested on an extradition warrant on Tuesday. Mallya, 61, was “arrested on behalf of the Indian authorities in relation to accusations of fraud”, the police said. Mallya appeared before Westminster magistrates court and was bailed to return for an extradition hearing at a later date. On Twitter he dismissed excitement surrounding his arrest as “expected” before an extradition hearing. He denies the fraud allegations.(guardian)…[+]