Vijay Mallya Breaks Silence: “I Am Not a Thief, Just a Failed Businessman”; Informed Arun Jaitley before Leaving

Hellobanker Team

June 10, 2025

Vijay Mallya Breaks Silence: "I Am Not a Thief, Just a Failed Businessman"; Informed Arun Jaitley before Leaving

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After nine years of silence, Vijay Mallya has finally spoken out in a four-hour-long podcast with YouTuber Raj Shamani. The former King of Good Times, now entangled in a ₹6,200 crore bank loan fraud case, shared his side of the story—from his rise as a business tycoon to the downfall of Kingfisher Airlines and his ongoing legal battles. Here’s a detailed breakdown of what Mallya said, in simple words.

Why Did Mallya Speak Now?

Mallya has been living in London since 2016 after Indian banks accused him of defaulting on loans and labeled him a “fugitive.” In this rare interview, he defended himself, saying:

“I am not a fugitive. I did not run away. My passport was cancelled, and I got stuck in London.”

He claims he had informed then-Finance Minister Arun Jaitley before leaving for a Geneva FIA meeting in March 2016 but was stranded when his passport was revoked.

Mallya’s Early Life & Rise to Success

1. Strict Childhood & Early Career

Born in Kolkata, son of Vittal Mallya (UB Group chairman).
His father was strict: “If you don’t work hard, you have no place in my business.”
Did B.Com from St. Xavier’s College, joined UB Group as a trainee at ₹400/month.
Became CEO of a small company at just 18.

2. How He Built Kingfisher & UB Group

Took over UB Group at 27 after his father’s death (1983).
Rebranded Kingfisher beer with stylish packaging, sponsored music & fashion events.
Made McDowell’s No. 1 the world’s top-selling whisky.
Bought Berger Paints, expanded to 25 countries, and sold it at a profit.

“Marketing was key. Sales grew because we did it right.”

The Rise & Fall of Kingfisher Airlines

1. The Dream: A Premium Airline

Started Kingfisher Airlines in 2005 (on his son Siddharth’s 18th birthday).
By 2008, it became India’s largest airline.

2. What Went Wrong?

2008 Global Financial Crisis hit India hard.
Aviation fuel (ATF) prices shot up from $60 to $140 per barrel.
State governments imposed heavy taxes on ATF.
Government refused to allow foreign investment (while later allowing Jet-Etihad deal).
Banks forced him to keep running despite losses.

“If policies were fair, Kingfisher would’ve been as big as IndiGo today.”

Controversies & Legal Battles

1. Unpaid Salaries of Employees

Apologized to employees who lost jobs or didn’t get salaries.
Claims he tried to pay using money deposited in court, but banks blocked it.

2. Lavish 60th Birthday Party (2015)

Employees were angry as he hosted Enrique Iglesias in Goa while they suffered.
Mallya’s defense:
“The airline shut in 2012, my party was in 2015.”
“All my assets were frozen—I couldn’t pay even if I wanted to.”

3. Loan Defaults & Asset Seizures

Banks claim: He owes ₹9,000 crore (including interest).
Mallya’s claim: Official debt is ₹6,203 crore (as per DRT).
ED seized assets worth ₹14,131 crore—but Mallya says:
“I don’t even know which properties were sold!”
“Banks never gave me a statement of accounts.”

4. “Fugitive” Tag & Legal Fight

“I’ve lived in the UK since 1988, had permanent residency since 1992.”
“I didn’t flee—my passport was cancelled.”
“If I get a fair trial, I’ll return to India. If I must go to jail, I’ll face it.”