The 62-year-old liquor and aviation tycoon is accused of racking up a bank debt of about US$1.4 billion (S$1.8 billion). The money was sunk into Kingfisher Airlines, which went bust in 2012.
He allegedly colluded with bank officials to secure loans without valuable collateral. He left India in March 2016 as a consortium of 17 banks initiated action to recover the loan. He is in London fighting extradition proceedings.
The media conglomerate had made most of its money through chit funds, a savings scheme offered at interest rates as high as 50 per cent. In 2013, it was found to be behind a Ponzi scheme that targeted low-income groups in states where access to banks is limited.
About 1.7 million depositors lost an estimated US$4 billion.
The 69-year-old founder of the Sahara conglomerate was jailed in 2014 for failing to comply with a Supreme Court order to refund 360 billion rupees (S$7.3 billion) that the group had raised from small investors. The group was found to have offered an illegal bond scheme from 2008 to 2011.