Mallya's preliminary hearing before the Westminster magistrate's court will be followed by an extradition hearing.
A press statement by the London Metropolitan Police said: "Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday April 19, arrested a man on an extraction warrant". He later secured bail from Westminster Magistrates' Court. The court has set May 17 as the date for the next hearing.
"Usual Indian media hype", Mallya said on Twitter.
The UK Crown office, acting on the Indian request, will argue Indian authorities' case for Mallya's extradition and he will have a chance to oppose it.More news: United CEO says David Dao debacle was 'a watershed moment'
Earlier this year, India began formal proceedings to extradite Mr. Mallya, wanted in connection with a number of charges, including defaulting on loans amounting to Rs. 9,000 crore.
Last month, the Ministry of External Affairs (MEA) informed that extradition of the absconding liquor baron has been stratified by the Secretary of State of the U.K. Government and added that a warrant would soon be released against him.
With Finance Minister Arun Jaitley reportedly taking up Mallya's extradition with the British Prime Minister during her recent visit, Minister of State for Finance Gangwar said loans to the controversial liquor tycoon were granted by public banks during the previous UPA regime.
The government's efforts to bring beleaguered businessman Vijay Mallya back to India got a major boost on Tuesday when the United Kingdom accepted its request to help extradite the absconding liquor baron.More news: Woman who defied 'men-only' rule runs same marathon again 50 years later
Businessman and loan defaulter Vijay Mallya was today arrested by Scotland Yard on an extradition warrant in United Kindom. He also has a stake in India's only Formula One auto racing team, Force India.
The UK Home Office declined to comment on "individual cases" but said that Mallya's case will be handled under Part 2 of the UK's Extradition Act 2003.
The Enforcement Directorate, which is probing the matter after it registered a money laundering case in January 2016, said it has attached properties of Mallya and his companies having market value more than Rs 8,000 crore. The person facing extradition has the right to appeal to higher judiciary, including the Supreme Court there, against the decision.More news: Trump's Pro-Life Easter Gift: White House Diverts Tax Dollars from Planned Parenthood
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