Following the arrest and subsequent bail of absconding liquor baron Vijay Mallya, it is now being learnt that Indian authorities will start the process of his extradition.
The Central Bureau of Investigation (CBI) and the Indian High Commission will start the process of Mallya's extradition, Government sources state.
India needs to set precedent and Mallya's extradition is one such case, also those defaulters who think that their money are safe in tax heavens are on wrong foot, sources added.
The 61-year-old liquor businessman, wanted in India for defaulting on loans, appeared before the Westminster's Magistrates' Court in London for his bail hearing where the court granted bail to him.
Downplaying the din surrounding his sensational arrest in London, Mallya who is on the run over money laundering charges, took a swipe at the Indian media.
Taking to Twitter after getting bail, Mallya took a swing at the media accusing them of 'hyping' the development.
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Earlier today following Mallya's arrest, the Scotland Yard issued a statement saying that the absconding businessman was arrested on behalf of the Indian authorities in relation to accusations of fraud.
Meanwhile, Minister of State for Finance Santosh Gangwar has assured that the beleaguered liquor baron will be brought back after completion of all required legal procedures.
Addressing the media, Gangwar claimed that although bail was granted to Mallya, this does not imply any leniency towards him. He added that granting bail was required on grounds of a 'legal formality'.
"Eradication of black money has been discussed since the Lok Sabha elections. We will not let miscreants like Mallya escape. We will make sure he is brought back to India and produced before the law after due consideration of legal formalities," he said.
"Our government will make sure that nothing diverts this country's progress. Mallya's case will be investigated thoroughly," added Gangwar.
Mallya, who was finally caught after repeatedly refusing to appear before courts and investigators in India since he secretly fled to Britain last March, was granted bail.
Last month, the Ministry of External Affairs (MEA) informed that extradition of the absconding liquor baron has been stratified by the Secretary of State of the U.K. Government and added that a warrant would soon be released against him.