Business Tycoon Vijay Mallya Claims, ‘Indian Banks Recovered Double Debt From Me, Still An Economic Offender’

Businessman Vijay Mallya, in a series of tweets, has alleged that Indian banks have recovered more than double the debt owed by him. Despite this, Mallya continues to be labeled an “economic offender.” His claims came after Finance Minister Nirmala Sitharaman revealed in Parliament that ₹14,131.6 crore had been recovered from Mallya’s attached properties.

Here’s What Vijay Mallya Claims

On X, Mallya accused banks and the Enforcement Directorate (ED) of taking more than what was owed. He referenced the Debt Recovery Tribunal’s (DRT) order, which estimated Kingfisher Airlines’ (KFA) debt at ₹6,203 crore, including ₹1,200 crore interest.

“The Debt Recovery Tribunal adjudged the KFA debt at ₹6,203 crore, including ₹1,200 crore of interest. The FM announced in Parliament that through the ED, banks have recovered ₹14,131.60 crore from me against the judgment debt of ₹6,203 crore, and I am still an economic offender,” Mallya wrote.

Mallya also questioned the legitimacy of recovering an amount far exceeding the judgment debt. “Unless the ED and banks can legally justify how they have taken more than two times the debt, I am entitled to relief, which I will pursue,” he said.

The fugitive businessman, who fled to the UK in March 2016, also defended himself against accusations of financial misconduct. “I never borrowed a single rupee or stole any money. Will anyone, including those who freely abuse me, stand up and question this blatant injustice?” he asked.

Finance Minister’s Statement

Mallya’s remarks came in response to Finance Minister Nirmala Sitharaman’s statement in Parliament on Tuesday. During a debate on the first batch of Supplementary Demands for Grants for 2024-25, Sitharaman detailed the government’s actions against economic offenders and the recovery of public funds.

She informed the Lok Sabha that ₹14,131.60 crore worth of assets belonging to Mallya had been restored to public sector banks. Sitharaman emphasized that her government had not spared any major economic offender.

“It is important to recognize 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,” Sitharaman said.

The finance minister revealed that properties worth ₹22,280 crore had been restored in major cases, including:

• Mehul Choksi case: ₹2,565.90 crore recovered.
• Nirav Modi case: ₹1,052.58 crore recovered.
• National Spot Exchange Ltd. (NSEL) scam: ₹17.47 crore recovered.
• SRS Group: ₹20.15 crore recovered.
• Rose Valley Group: ₹19.40 crore recovered.
• Surya Pharmaceuticals Ltd: ₹185.13 crore recovered.

In addition to Mallya, cases against Nirav Modi and Mehul Choksi have also drawn public and parliamentary attention. Sitharaman reiterated the government’s commitment to holding economic offenders accountable.

Background on Vijay Mallya

Vijay Mallya, once known as the “King of Good Times,” is wanted in India over a ₹9,000 crore loan default connected to Kingfisher Airlines, which ceased operations in 2012. He fled to the UK in 2016, where he is contesting extradition proceedings.

Mallya has consistently maintained his innocence, claiming he is being unfairly targeted. “I have repaid the loan amount with interest, yet I am still labeled as an economic offender,” he argued.

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