Photo credit: Mark Thompson/Getty Images

Force India Formula One team owner Vijay Mallya was arrested today in London on charges of fraud and conspiracy in India. The charges relate to $1.34 billion loaned to Mallya’s now-defunct Kingfisher Airlines by primarily Indian state-run banks.

India started the process of extraditing Mallya with a formal request on February 8 under the Extradition Treaty between India and the United Kingdom, Motorsport.com reports. His diplomatic passport was revoked on last April as a warrant was released for his arrest. Mallya has been living in the United Kingdom over the past year, only making it to the British Grand Prix.

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Mallya has taken to Twitter (as he frequently does) to brush off the severity of the situation as “usual Indian media hype:”

London’s Metropolitan Police confirmed that Mallya had been arrested in a statement released this morning. Mallya was taken to a central London police station, and will appear at Westminster Magistrates’ Court later today for an extradition hearing.