Force India team principal and co-owner Vijay Mallya has been arrested in the UK following an extradition warrant from Indian authorities.
The warrant was issued in relation to accusations of fraud surrounding his failed Kingfisher Airlines company, which is reported to owe banks over a billion dollars. Mallya had his passport revoked by the Indian government last year and has been living in the UK in what he termed "forced exile" in an interview with the Financial Times last May.
He was arrested at a central London police station on Tuesday and is due to appear at Westminster Magistrates' Court later in the day.
"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant," a police statement said. "Vijay Mallya, 61 (18/12/1955), was arrested on behalf of the Indian authorities in relation to accusations of fraud."
Mallya owns a 42.5 percent share in the Force India Formula One team, with a further 42.5 percent owned by Sahara Group's Subrata Roy, who was imprisoned in 2014 for failing to return deposits to Sahara Group investors under a court order.
The team is currently fourth in the constructors' standings after scoring double points finishes at all three races this season.