Vijay Mallya claims Indian banks recovered twice of what he owed – The Tribune

Fugitive economic offender Vijay Mallya has claimed that Indian banks got access to his properties worth Rs 14,131.6 crore which is more than twice the amount that he owed to public sector banks.

“Finally, against a DRT judgment debt of Rs 6,203 crore, admitted recovery of Rs 14,131.8 crore which will be evidence in my UK Bankruptcy annulment application. Wonder what Banks will say in an English Court,” Mallya wrote on X and attached screenshots of the Finance Ministry’s annual report.

The 66-year-old former Kingfisher Airlines boss Mallya fled India in March 2016 and since then he has been living in the United Kingdom. Mallya is accused in a bank loan default case estimated at over Rs 9,000 crore involving his now-defunct Kingfisher Airlines.

According to the Finance Ministry report, the Enforcement Directorate (ED) is not only actively pursuing the economic offenders to unravel the money laundering but at the same time is also making efforts for the restitution of assets to the banks and others who have been defrauded by the offenders.

“The ED has successfully restored properties valued at approximately Rs 22,280 crore to victims or legitimate claimants,” the report stated which includes Rs 14,131.6 crore in the Mallya case.

Similarly, the other economic offenders whose assets have been restituted are Nirav Modi (Rs 1,052.58 cr), Mehul Choksi case (Rs 2,565.90 cr), Bhushan Power and Steel Ltd’s (Rs 4,025 cr) and several others.

The report states that the ED also regularly follows up the extradition proceedings in case of high-profile fugitive economic offenders who have evaded the process of law in India by staying outside the jurisdiction of Indian courts.

“A total of 44 extradition requests have been sent to various countries in respect of 36 individuals,” the report stated, while 27 red notices have been published on ED’s request to track the economic offenders.