Vijay Mallya Seeks Relief Over Double Debt Claims by ED and Banks
Vijay Mallya Criticizes Recovery of Over ₹14,130 Crore by ED and Banks
New Delhi, December 19: Fugitive businessman Vijay Mallya has expressed his intention to seek legal relief, accusing the Enforcement Directorate (ED) and public sector banks of recovering over twice the amount he owed.
Finance Minister’s Statement on Asset Recovery
Finance Minister Nirmala Sitharaman recently informed Parliament that ₹14,131.6 crore worth of assets belonging to Mallya had been restored to public sector banks. This recovery significantly exceeds the ₹9,000 crore loan default by Kingfisher Airlines, the defunct airline once owned by Mallya.
Vijay Mallya Seeks Relief Over Double Debt Claims by ED and Banks
Mallya’s Response to Asset Seizures
Mallya, currently in the UK, called the recovery excessive and unjust. “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 stated.
Claims of Misjudged Liabilities
Mallya pointed out that ₹8,000 crore has been recovered from him over the judgment debt, which was set at ₹6,203 crore (including ₹1,200 crore as interest). He emphasized that his liabilities as a guarantor for Kingfisher Airlines are legally verifiable.
Mallya Denies Fraud Allegations
In a series of posts on social media platform X, Mallya denied any wrongdoing, claiming he never borrowed or stole money. Addressing accusations from the Central Bureau of Investigation (CBI), he stated, “As a guarantor of KFA debt, I am accused alongside IDBI Bank officials of fraudulently obtaining a ₹900 crore loan from IDBI Bank. The loan and interest have been repaid in full. After nine years, where is the evidence of fraud or misuse of funds?”
Plea for Justice
Mallya expressed frustration over the lack of public support, stating, “Will anyone, including my critics, question this blatant injustice? Sadly, there’s no courage for justice when it comes to me.”
India’s Extradition Efforts
India has been seeking Mallya’s extradition since he fled to the UK in 2016. In the past, Mallya offered to repay 100% of “public money” but accused the banks and government of refusing his settlement proposal.
This ongoing controversy raises questions about asset recovery processes and the legal framework governing high-profile loan defaults.
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