New Delhi: Fugitive businessman Vijay Mallya on Wednesday challenged the claims made by Finance Minister Nirmala Sitharaman in Parliament regarding the recovery of debts from him. On Tuesday, the Finance Minister told the Lok Sabha that Rs 14,131.6 crore had been recovered by public sector banks (PSBs) from the sale of assets belonging to Mallya.
Responding to Sitharaman’s statement, Mallya took to X and wrote, “The Debt Recovery Tribunal adjudged the KFA debt at Rs 6,203 crores including Rs 1,200 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 6,203 crores and I am still an economic offender.”
He pointed out, “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 posted the statement after the government’s revelation that significant amounts have been recovered from him and other economic offenders like Mehul Choksi and Nirav Modi.
What did Sitharaman say in Lok Sabha
On Tuesday, FM Sitharaman informed the Lok Sabha that the central enforcement agency has restored properties worth around Rs 22,280 crore of individuals and companies linked to economic offence cases through ED actions. Of the total restored properties, the complete attached property worth Rs 14,131.6 crore of fugitive businessman Vijay Mallya has been restored to the public sector banks, the minister said in the House. Properties belonging to Modi and Choksi, worth Rs 1,052 crore and Rs 2,565 crore, respectively, were also restored in a separate effort.
During her lengthy reply in Parliament, she said: “It is important to recognise that we have not left anybody in economic offences; even if they fled the country, we have gone after them. We will ensure that money that has to go to the banks goes back.”
In 2016, Mallya fled India and is now based in the UK. In 2019, he was declared a fugitive economic offender under the Fugitive Economic Offenders Act. His extradition case is currently underway in UK courts, further complicating his legal and financial situation in India.
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