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Fugitive businessman Vijay Mallya has ignited a fresh controversy with his claims that the Indian banks have recovered more than double the amount of his debt. In a recent series of posts on X (formerly Twitter), Mallya argued that while the Debt Recovery Tribunal had adjudicated his Kingfisher Airlines (KFA) debt at ₹6,203 crore, including ₹1,200 crore in interest, banks had recovered ₹14,131.60 crore from him through the Enforcement Directorate (ED) and other agencies.
Mallya’s statement comes in response to Finance Minister Nirmala Sitharaman’s recent remarks in Parliament, where she claimed that properties worth ₹14,131.60 crore belonging to Mallya had been restored to public sector banks. Mallya, who fled to the UK in 2016 amid accusations of loan defaults, questioned the justification for the extra recovery beyond the tribunal’s judgment, claiming that he should be entitled to relief if the excess amount could not be legally explained.
“The Debt Recovery Tribunal adjudged the KFA debt at ₹6,203 crore, including ₹1,200 crore in interest. The Finance Minister stated in Parliament that through the ED, banks recovered ₹14,131.6 crore from me against the judgment debt of ₹6,203 crore, and I am still labeled as an economic offender. Unless the ED and banks can justify the excess recovery, I am entitled to relief, which I will pursue,” Mallya wrote in his posts.
The central government has been actively pursuing Mallya for the default of ₹9,000 crore loaned to Kingfisher Airlines, which he is accused of misusing. The businessman, however, continues to deny any wrongdoing, asserting that he never borrowed or misappropriated any funds.
In her response in the Lok Sabha, Finance Minister Sitharaman highlighted that the Enforcement Directorate had restored properties worth ₹22,280 crore to public sector banks, with Mallya’s case being a prominent example. She further explained that the recovery was part of the government’s efforts to address economic offenders and return ill-gotten gains to the public sector.
Mallya, who has been seeking extradition from the UK to face charges in India, reiterated his stance that he was unfairly labeled as an economic offender and urged the public and critics to question what he called the “blatant injustice” he faced. Despite his ongoing legal battles, Mallya maintains that he has repaid the loan and interest in full.
As the controversy unfolds, Mallya’s claim continues to add to the debate surrounding the legal proceedings and the government’s recovery efforts in high-profile financial fraud cases.
Sources By Agencies
