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 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, 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 His diplomatic passport was revoked on last April as a warrant was released for his arrest.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.

Mallya has taken to Twitter (as he ) 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 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.