Force India team boss Vijay Mallya has been arrested in London, the Metropolitan Police revealed on Tuesday.
Mallya, who is also former director of IPL outfit Royal Challengers Bangalore, was arrested by the force's Extradition Unit "on behalf of the Indian authorities in relation to accusations of fraud".
The charges are reported to relate to the collapse of Mallya's defunct Kingfisher Airlines.
"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant," read the police statement.
"Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud.
"He was arrested after attending a central London police station, and will appear at Westminster Magistrates' Court later today, 18 April."
Usual Indian media hype. Extradition hearing in Court started today as expected.-- Vijay Mallya (@TheVijayMallya) April 18, 2017
Mallya later tweeted: "Usual Indian media hype. Extradition hearing in Court started today as expected."
Mallya, whose Indian passport was revoked last year, has previously claimed he has "nothing to hide".