Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016.
A Metropolitan Police statement said officers from the Extradition Unit arrested Mallya on an extradition warrant from India.
Vijay Mallya who was today arrested in London by Scotland Yard on India's request for his extradition, has been granted condition bail hours after arrest.
The Scotland Yard police on Tuesday said that Vijay Mallya was arrested on behest of Indian authorities for charges of fraud. "He was arrested after attending a central London police station..."
His court appearance, which took place on the same day, saw Mallya bailed.
India has lodged a formal request that Mallya is extradited to his native country; this is likely to happen through an existing extradition treaty between Britain and India.
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A meeting of home department officials from both countries discussed extraditions and exchanged lists of people sought in both countries in New Delhi in February. Indian authorities said Mallya faces financial irregularity charges there in connection with his failed Kingfisher Airlines. The 61-year-old, a former MP in India, entered the United Kingdom on a valid passport in March 2016.
But he ran into trouble when he failed to returns millions of dollars of loans and left India a year ago amid attempts by a group of banks to recover the money.
Also in March past year, Mallya was blocked from receiving a $75 million severance payment from the British alcohol company Diageo, after banks and creditors demanded the money be used to settle some of his outstanding debt, reports the BBC.
The owner of the Sahara Force India Formula One team has been arrested in London after India made an extradition request. The lawyer will argue that the business tycoon's human rights will not be protected if he is sent back to India.
He was produced before the Westminster Magistrates' Court today and was later granted bail.
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