Vijay Mallya accused of money laundering

Vijay Mallya is accused of laundering money related to his F1 team Force India. On Tuesday, the former Indian billionaire was arrested in the UK and later released on $80,000 bail. "He will return to court on November 20," the financial news agency Bloomberg reported, quoting a prosecutor as saying one charge involves money laundering that "relates to Force India formula one team".

A prosecution statement said some of Mallya's allegedly laundered money in the case "ended up with the Force India racing team". Outside court, he did not deny the charges. "You heard it all (in court)," said Mallya. "Many allegations are extraordinary and you will hear it in the next hearing, no doubt. Whatever I will say I will say in court and do not have to repeat to the media." (GMM)