Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed.

His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about the recovery of over Rs 14,130 crore from his attached assets.

The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED,Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic…

— Vijay Mallya (@TheVijayMallya) December 18, 2024

In a series of posts on social media platform X, Mallya said, “The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crore including Rs 1200 crore of interest.”

He further wrote, “The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.6 crore from me against the judgement debt of Rs 6203 crore and I am still an economic offender.

“Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue.”

On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Sitharaman said Rs 14,131.6 crore worth of properties belonging to Mallya have been restored to public sector banks.

Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to erstwhile Kingfisher Airlines (KFA) by several banks.

Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgement debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice…

— Vijay Mallya (@TheVijayMallya) December 18, 2024

In his post, Mallya said, “Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt.”

Claiming he has no support from anyone, he said, “Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me.”

Government and my many critics say that I have CBI criminal cases to answer. What criminal cases filed by CBI ? Never borrowed a single rupee, never stole, but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently…

— Vijay Mallya (@TheVijayMallya) December 18, 2024

Mallya further said, “Government and my many critics say that I have CBI criminal cases to answer. What criminal cases were filed by CBI?” Claiming he never borrowed a single rupee, never stole, Mallya said, “…but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why is no conclusive evidence of fraud and misuse of funds?”

India has been seeking Mallya’s extradition from the UK.

He had in the past offered to repay 100 per cent of “public money” but accused the banks and government of refusing his offer.

(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)