Bengaluru: Fugitive businessman Vijay Mallya has questioned why he continues to be labeled an economic offender despite authorities recovering more than twice the adjudicated debt of Kingfisher Airlines. In a series of posts on X (formerly Twitter), Mallya alleged “blatant injustice” and said he plans to seek legal relief.
Mallya highlighted that the Debt Recovery Tribunal (DRT) adjudged Kingfisher Airlines’ debt at ₹6,203 crore, including ₹1,200 crore in interest. He claimed the Enforcement Directorate (ED) and public sector banks have recovered ₹14,131.6 crore—over double the debt—but have not explained the excess recovery.
“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.
Finance Minister Nirmala Sitharaman recently informed Parliament those properties worth ₹14,131.6 crore, linked to Mallya, had been restored to public sector banks. This is part of ₹22,280 crore worth of assets recovered by the ED from various economic offenders, including Nirav Modi and Mehul Choksi.
Responding to Sitharaman’s announcement, Mallya insisted he has repaid all loans and interest as a guarantor of Kingfisher Airlines’ debt. He also questioned the lack of conclusive evidence against him after nine years of investigations by the Central Bureau of Investigation (CBI).
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“What criminal cases filed by CBI? Never borrowed a single rupee, never stole, but as a guarantor of KFA debt. Full loan and interest repaid,” Mallya said.
He accused the government and his critics of unjustly targeting him, adding that it takes “guts” to support his stance.
Meanwhile, Sitharaman assured Parliament of the government’s unwavering commitment to recovering ill-gotten wealth. “We have not left anyone behind, even if they fled the country. We are after them,” she said during a debate on the Supplementary Demand for Grants.
The recovered assets include ₹1,052.58 crore from Nirav Modi, ₹2,565.9 crore from Mehul Choksi, and additional recoveries from other economic offenders. Sitharaman also highlighted ongoing investigations into foreign black money under the Black Money Act of 2015, citing a rise in voluntary disclosures of foreign assets.
As legal battles and public debates continue, Mallya’s assertions have reignited discussions about the processes and transparency involved in India’s economic offense recoveries.
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