Vijay Mallya slams FM, authorities; asks why no evidence against him

Mallya said the Debt Recovery Tribunal had adjudged the Kingfisher Airlines debt at Rs 6,203 crore including Rs 1,200 crore of interest.

Bengaluru: Fugitive tycoon Vijay Mallya has asked why he is still a declared economic offender when, as per Finance Minister Nirmala Sitharaman, more than Rs 14,000 crore worth of properties has been seized from him, more than double the outstanding debt from Kingfisher Airlines. He added that he will seek relief.

In a series of posts on X on Wednesday night and early Thursday morning (IST), Mallya said that the full amount and interest of the adjudicated debt had been paid.

Mallya said that the Debt Recovery Tribunal had adjudged the Kingfisher Airlines debt at Rs 6,203 crore including Rs 1,200 crores of interest.

“The FM announced in Parliament that through the ED (Enforcement Directorate), Banks have recovered Rs 14,131.60 crore from me against the judgement debt of Rs 6,203 crore and I am still an economic offender,” Mallya said in a post on X on Wednesday. He followed it up with more statements on early Thursday morning, India time.

“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.

Mallya said that whatever he had stated about his liabilities as guarantor of KFA loans is legally verifiable, and yet more than Rs 8000 crore over and above the judgement debt had been recovered from him.

“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 posted.

“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,” the liquor baron said.

“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?” Mallya added.

Mallya is still the chairman of United Breweries Group, which is now a subsidiary of Dutch brewing giant Heineken NV. He is the former chairman of United Spirirts, which is now owned by Diageo Plc, and a two-time Rajya Sabha Member of Parliament.

On Tuesday, Finance Minister Nirmala Sitharaman informed Lok Sabha that the ED has restored properties worth 14,131.60 crore worth of properties belonging to fugitive Vijay Mallya, to the public sector banks.

This is part of Rs 22,280 crore worth of properties restored by the ED to victims or rightful claimants, which includes properties seized from Mallya as well as other economic fugitives like Nirav Modi and Mehul Choksi, she said.

"We have not left anyone, even if they fled the country, we've gone after them. ED has collected this money and given it back to the banks. So it is important to recognize that we have not left anybody (committing) economic offences. We are after them. We will be making sure that money, which has got to go back to banks, will go back," Sitharaman had said while replying to a debate on the Supplementary Demand for Grants.