Subrata Roy arrested

One of India’s most flamboyant tycoons, Subrata Roy, has been arrested after he surrendered to the police today on 28^th of February 2014.

The Supreme Court had ordered the arrest of the Sahara group chief on Wednesday after he failed to appear before judges in a case of fraud.

Two Sahara firms are accused of raising 240bn rupees ($3.9bn; £2.3bn) through bonds that were found to be illegal.

Market regulators say Mr Roy failed to refund the money to millions of investors despite a court order.

He is expected to remain in custody until 4 March as the Supreme Court refused to take up his bail petition on Friday, saying it was “not urgent”.

“Mr Roy wilfully submitted himself before  Lucknow police. He is co-operating with all authorities,” his son, Seemanto Roy, told a press conference in Delhi.

Sahara group, worth 682bn rupees ($11bn; £6.6bn), has businesses ranging from finance, housing, manufacturing, aviation and the media. It also has interests overseas – it owns New York’s landmark Plaza Hotel and London’s iconic Grosvenor House.

The 65 year old Subrata who lives in Lucknow issued a statement saying that he is not the one to abscond and that he was in the city and had gone to consult doctors about his ailing mother.

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