'How am I still an economic offender?' Vijay Mallya demands justice as FM Sitharaman says Rs 14,000 cr returned to banks
Fugitive business tycoon Vijay Mallya has claimed that he will pursue legal relief to which he is entitled after Finance Minister Nirmala Sitharaman told Parliament that over Rs 14,000 crore has been returned to various banks following the sale of his seized assets. According to Mallya, he is still being labelled an economic offender, despite the banks receiving more than double what he owed.
'Why am I still being called an economic offender?'
Mallya, who fled India in 2016, pointed out that the Debt Recovery Tribunal had declared his now-defunct Kingfisher Airlines' debt to be Rs 6,203 crore, including Rs 1,200 crore of interest. But on Wednesday, Minister Sitharaman told Parliament that Rs 14,131.60 crore had been recovered from him.
"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," Mallya said.
'Banks got more than double'
The 69-year-old, once called 'The King of Good Times', further said that his liabilities as the guarantor of Kingfisher Airlines' loans are documented, and yet, more than Rs 8,000 crore have been recovered from him over and above what the tribunal had ordered.
"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," Mallya asked.
'No evidence for fraud'
The former liquor baron also rejected allegations of any wrongdoing, including fraud or misuse of funds.
"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, 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 stated.
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