'I am entitled to relief' says Vijay Mallya after Rs 14,131 crore recovery claim

Mallya’s remarks came after Finance Minister Sitharaman updated the Lok Sabha on the government’s ongoing efforts to address financial crimes.

Fugitive businessman Vijay Mallya has responded to Union Finance Minister Nirmala Sitharaman’s announcement in the Lok Sabha regarding the recovery of Rs 14,131.6 crore by public sector banks (PSBs) from the sale of his assets.

Mallya, in a tweet on X, questioned the government's claim, stating, "The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, banks have recovered Rs 14,131.60 crores from me against the judgment debt of Rs 6203 crores and I am still an economic offender." He further added, “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.”

The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED,Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic
Vijay Mallya (@TheVijayMallya) December 18, 2024

Mallya’s remarks came after Finance Minister Sitharaman updated the Lok Sabha on the government’s ongoing efforts to address financial crimes. She highlighted the Enforcement Directorate’s (ED) success in recovering assets from several high-profile economic offenders. Mallya, the former owner of Kingfisher Airlines, has been accused of defaulting on loans worth thousands of crores, leading to a long-running legal battle.

In her statement, Sitharaman outlined the significant recoveries made by the ED in various cases, including:

• Vijay Mallya: Rs 14,131.6 crore returned to PSBs.
• Nirav Modi: Properties worth Rs 1,052.58 crore restored to banks.
• Mehul Choksi: Properties worth Rs 2,565.90 crore attached for auction.
• National Spot Exchange Ltd (NSEL): Rs 17.47 crore restored to genuine investors.In total, the ED has successfully restored assets worth Rs 22,280 crore to victims or rightful claimants in cases involving economic offences. Sitharaman reaffirmed the government’s commitment to pursuing economic offenders, including those who have fled the country, as part of its broader efforts to tackle financial crimes and restore funds to affected entities.