In a rare public appearance, businessman and fugitive Vijay Mallya has offered his perspective on the towering debts associated with him and the circumstances surrounding his departure from India. Speaking on a podcast with YouTuber Raj Shamani, Mallya contested the widely reported Rs. 9,000 crore loan default, asserting that official records put the debt at Rs. 6,203 crore, 35 lakhs, with 11.5% interest. Mallya further claimed that Rs. 14,100 crore has already been recovered from him, challenging prevailing narratives and calling for transparency from the banks. His remarks underscore an ongoing dispute that continues to captivate both business and legal circles.
Clarifying the Loan Amount
In his conversation with Shamani, Mallya directly challenged the narrative that has long dominated headlines. While various reports have pegged his default at around Rs. 9,000 crore, Mallya argued that the Debt Recovery Tribunal’s recovery certificate indicates a loan of Rs. 6,203 crore, 35 lakhs, with an interest rate of 11.5%. He specified that the debt was owed by four separate entities: Kingfisher Airlines, United Breweries, Vijay Mallya himself, and Kingfisher Finvest.
Mallya expressed frustration over the absence of a clear statement from the banks outlining the exact figures and repayments. “I am as perplexed as you are because the banks have never submitted a statement to me, which in itself is very strange,” he said, casting doubt on the transparency of the recovery process.
Rs. 14,100 Crore Recovered, Says Mallya
Mallya also cited a recent report by India’s Ministry of Finance, claiming it acknowledged a recovery of Rs. 14,100 crore from his assets. “I am the one under attack,” he noted, emphasizing that this substantial recovery should prompt the banks to disclose the complete financial picture. The veracity of this figure and its implications for India’s efforts to recoup public money remain a subject of intense scrutiny.
Addressing the ‘Chor’ Allegation and Controversial Exit
Beyond the numbers, Mallya addressed the stigma attached to his name—particularly the widespread branding of him as a “chor,” or thief. “Call me a fugitive for not going to India post-March 2016,” he said, acknowledging his decision not to return but rejecting the label of thief. According to Mallya, his exit was on a “prescheduled visit,” not an attempt to flee, and he maintains that he has valid reasons for staying away.
A Continuing Dispute
Mallya’s statements highlight the complex legal and financial disputes that have unfolded since the collapse of Kingfisher Airlines. Despite his repeated assertions of innocence and repayment, Indian authorities continue to pursue various legal avenues to recover dues and ensure accountability.
The Indian government has not yet publicly responded to Mallya’s claims made during the podcast, leaving a cloud of uncertainty over the final accounting of assets recovered and the allegations against him. Mallya’s remarks, however, offer a fresh perspective on one of India’s most high-profile financial controversies, underscoring the tangled relationship between corporate failure, legal accountability, and the quest for justice.
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