NEW DELHI: Fugitive businessman Vijay Mallya has hit back at the Indian government over the recovery of Rs14,131.6 crore from his assets, asserting that the amount is “double the adjudged debt” and demanding a legal explanation.
Mallya, who fled to the UK in 2016 amid allegations of financial misconduct tied to the defunct Kingfisher Airlines, posted on X (formerly Twitter), claiming entitlement to relief.
“The Debt Recovery Tribunal adjudged the KFA debt at Rs6,203 crore, including Rs1,200 crore in interest. The FM announced in Parliament that through the ED, banks have recovered Rs14,131.6 crore from me against the judgment debt of Rs6,203 crore.
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 stated.
The Rs14,131.6 crore recovery, announced by Finance Minister Nirmala Sitharaman in Parliament, is part of a broader drive to restore misappropriated funds through the Enforcement Directorate (ED).
Dues to PSBs
Mallya’s assets were seized under the Prevention of Money Laundering Act (PMLA) and liquidated to settle dues owed to public sector banks. Sitharaman highlighted several high-profile recoveries, including:
- Vijay Mallya: Rs14,131.6 crore restored to public sector banks.
- Nirav Modi: Properties worth Rs1,052.58 crore recovered.
- Mehul Choksi: Rs2,565.90 crore worth of assets attached for auction.
- National Spot Exchange Ltd (NSEL): Rs17.47 crore returned to investors.
Assets worth Rs22,280cr restored
In total, assets worth Rs22,280 crore have been restored, Sitharaman stated. “We have gone after them. The ED has collected this money and given it back to the banks,” she emphasized.
The Indian government has left no stone unturned in pursuing economic offenders like Mallya, Nirav Modi, and Mehul Choksi. Their assets have been targeted to recover funds tied to fraudulent activities.Despite the recoveries, Mallya remains defiant, questioning the excess and threatening legal action.
While the government continues its efforts to extradite Mallya to face trial in India, his latest statement adds another twist. “Having taken more than double, is it now my turn to recover from the government?” Mallya asked sarcastically.
The saga underscores the government’s aggressive stance under the Black Money Act, 2015, which has significantly increased voluntary disclosures of foreign assets and launched 163 prosecutions, raising demands of over Rs17,520 crore. For Mallya, however, the recovery drive feels like overreach – one he seems determined to challenge.
