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London Metropolitan police on Tuesday announced the arrest of fugitive Indian business tycoon Vijay Mallya on behalf of Indian authorities in relation to fraud charges.

London Metropolitan police said Mallya was arrested after attending central London police station.

The arrest was made on an extradition request from India, British police said on Tuesday.

Mallya, the former boss of Kingfisher Airlines, has received a bail three hours after being arrested in London.

Mallya reportedly dismissed the incident as just the usual "Indian media hype".

Fraud charges

"Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud," the police said in a statement.

He will appear at Westminster Magistrates' court, according to police, the statement said.

The flamboyant financier secretly fled India in March 2016 owing more than $1 billion after defaulting on loan payments to state-owned banks and allegedly misusing the funds.

Extradition request

India submitted an extradition request to Britain in early February after investigators demanded that Mallya be brought home to face charges.

His financial dealings are being probed by India's Central Bureau of Investigation and its federal Enforcement Directorate, a financial crimes agency. 

Mallya, who once branded himself the "King of Good Times" and was known for his extravagant lifestyle, was sacked in February from the board of United Breweries, the company through which he once controlled his business empire.

He made Kingfisher beer a global brand and ran a now-defunct airline with the same name, besides being the owner of a cricket side and a Formula One team.