Vijay Mallya says he paid double of his debt amount, claims ‘entitled to relief’

Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. 

Mallya claimed that he was entitled to relief a day after India’s Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. 

The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal.

Taking to X, Mallya said, “The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) 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 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.”

“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. 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,” he added.

“Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are 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 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 no conclusive evidence of fraud and misuse of funds ?” said Mallya in another post.

Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). 

The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences.

Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines

FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. 

“It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back,” she said.

(With inputs from agencies)