Force India boss Vijay Mallya was arrested in London today
The Metropolitan Police's Extradition Unit carried out the arrest this morning on behalf of the Indian authorities in relation to accusations of fraud.
And the 61-year-old multi-millionaire, who co-owns the Silverstone-based Force India F1 team, claims the latest development did not come as a surprise to him.
"Usual Indian media hype," Mallya said on Twitter.
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"Extradition hearing in court started today as expected."
Mallya, who entered the UK on a valid passport in March, was held after attending a central London police station and will appear at Westminster Magistrates' Court later today.
Vijay Mallya runs Force India, one of F1's leading midfield teams
Vijay Mallya is extremely well known in India as a former member of parliament
India's Enforcement Directorate has been gathering evidence as part of its investigation into the tycoon's debts, totalling £977million, linked to Mallya's now-defunct airline Kingfisher.
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Mr Mallya sold off his drinks firm United Spirits to Diageo in 2013 in order to prop up the airline, which went bust shortly after.
Indian investigators said last year Mallya had not been co-operating and had ignored their summons to give evidence three times.
A formal extradition request was initially made on February 8 and authorities in India stated that they had a "legitimate case" against Mallya.