Vijay Mallya says he is not getting Legal Relief, Banks have recovered Double than Loan Amount

Fugitive businessman Vijay Mallya has claimed that Indian banks have recovered more than double the amount he owed in the Kingfisher Airlines (KFA) debt case. Mallya, who remains abroad as an economic offender, has argued that he deserves legal relief.

On Tuesday, Finance Minister Nirmala Sitharaman informed Parliament that banks had recovered ₹14,131.60 crore from Mallya. This recovery, facilitated by the Enforcement Directorate (ED), is linked to the KFA debt, which was adjudged at ₹6,203 crore by the Debt Recovery Tribunal (DRT).

Mallya’s Response on Social Media

Taking to X (formerly Twitter), Mallya expressed frustration over the situation. He wrote, “The Debt Recovery Tribunal adjudged the KFA debt at ₹6,203 crores, including ₹1,200 crores of interest. The Finance Minister announced in Parliament that through the ED, banks have recovered ₹14,131.60 crores from me against the judgment debt of ₹6,203 crores, and I am still labeled an economic offender. Unless the ED and banks can legally justify taking more than double the debt, I am entitled to relief, which I will pursue.”

Mallya further questioned the legality of the excess recovery, adding, “More than ₹8,000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who abuse me, question this blatant injustice? Supporting me requires guts, but sadly, there is no courage for justice, especially for me.”

Denies Criminal Allegations

In another tweet, Mallya refuted allegations of fraud in a loan obtained from IDBI Bank. “What criminal cases filed by CBI? Never borrowed a single rupee, never stole. As a guarantor of KFA debt, I am accused along with IDBI Bank officials of fraudulently obtaining a ₹900 crore loan duly approved by their credit committee and board. The full loan and interest were repaid. After nine years, where is the conclusive evidence of fraud and misuse of funds?”

Government’s Stance on Economic Offenses

During her address, Sitharaman highlighted the government’s efforts to recover assets linked to economic offenders. She cited cases involving Nirav Modi, Mehul Choksi, and the National Spot Exchange Ltd scam, emphasizing the ED’s role in asset recovery.

The Finance Minister also addressed concerns about India’s economic performance, describing the slower GDP growth in the second quarter as a “temporary blip.” Mallya’s claims have reignited debates on the treatment of economic offenders and the transparency of asset recovery processes in high-profile cases.