Banks recovered properties worth ₹14,000cr, twice I owe: Vijay Mallya
What's the story
Fugitive liquor baron Vijay Mallya has claimed Indian banks have recovered properties worth ₹14,131.6 crore from him. This is more than double the amount he owed to public sector banks (PSBs). Mallya's claim was based on a reference in the Enforcement Directorate's (ED) annual report for 2024-25, which mentions action against willful defaulters.
Statement
Here's what Mallya had to say
Mallya took to X to express his opinion on the matter. He wrote, "Finally, against a DRT judgment debt of ₹6,203 crore, admitted recovery of ₹14,131.8 crore." He added this would be used as evidence in his UK bankruptcy annulment application.
Ongoing case
Mallya's legal troubles and extradition efforts
The Bengaluru Debt Recovery Tribunal (DRT) directed the State Bank of India-led consortium of banks to initiate recovery proceedings in 2017. This was for ₹6,203 crore at an annual interest rate of 11.5%, from Mallya and his companies in the Kingfisher Airlines case. Mallya fled to the UK in March 2016 and is wanted in India for defaulting on a ₹9,000 crore loan taken from several banks for his now-defunct Kingfisher Airlines.
Information
Mallya offers to repay 100% of 'public money'
The Indian government is seeking Mallya's extradition from the UK. Meanwhile, Mallya has offered to repay 100% of "public money" but accused the banks and Centre of not heeding his request.