Force India 'named in Vijay Mallya money laundering'

Vijay Mallya has been accused of laundering money related to his Formula 1 team Force India.

On Tuesday, the former Indian billionaire was arrested in the UK and later released on bail.

"He will return to court on November 20," financial news agency Bloomberg reported, quoting a prosecutor as saying that one charge involves money laundering that "relates to Force India Formula 1 team".

A prosecution statement said that some of Mallya's allegedly laundered money in the case "ended up with the Force India racing team".

Outside court, Mallya did not deny the charges, saying: "You heard it all [in court].

"Many allegations are extraordinary and you will hear it in the next hearing, no doubt. Whatever I will say I will say in court and do not have to repeat to the media."

Mallya has been involved with the team since 2007.