"Mallya Strikes Back: Claims Banks Recovered More Than He Owed in Explosive UK Bankruptcy Twist"
Fugitive economic offender Vijay Mallya has claimed that Indian banks have successfully recovered more than double the amount he allegedly owed, as per a Finance Ministry report. The 66-year-old former liquor baron and founder of the now-defunct Kingfisher Airlines, who fled India in 2016 amid a massive bank loan default case, made the statement on social media platform X (formerly Twitter), referring to the ministry’s annual report.
“Finally, against a DRT judgment debt of ₹6,203 crore, admitted recovery of ₹14,131.8 crore which will be evidence in my UK Bankruptcy annulment application. Wonder what Banks will say in an English Court,” Mallya posted, attaching screenshots from the Finance Ministry’s report. He faces accusations of defaulting on bank loans amounting to over ₹9,000 crore.
The report released by the Finance Ministry revealed that the Enforcement Directorate (ED) has actively pursued high-profile economic offenders not only to investigate money laundering but also to ensure the restitution of defrauded assets to legitimate claimants. In the Mallya case alone, the ED facilitated the return of properties valued at ₹14,131.6 crore to Indian banks.
In total, the ED has restored assets worth approximately ₹22,280 crore to victims and claimants across various high-profile cases. This includes assets from other notable offenders such as Nirav Modi (₹1,052.58 crore), Mehul Choksi (₹2,565.90 crore), and Bhushan Power and Steel Ltd. (₹4,025 crore), among others.
The report further emphasizes the ED's role in following up on extradition proceedings for fugitive economic offenders. So far, 44 extradition requests have been issued to various countries covering 36 individuals. Additionally, the ED has coordinated with Interpol to issue 27 red notices in efforts to locate and bring back absconding offenders.
Mallya, who continues to reside in the United Kingdom, is currently involved in legal proceedings to annul his bankruptcy status. The data shared in the Finance Ministry's report may play a key role in those proceedings, particularly as it suggests that Indian banks have already recovered more than what was initially due.
