Vijay Mallya and Lalit Modi Exchange Notes on X: “We’ve Been Wronged”

The fugitive billionaires bond over claims of injustice amidst the Enforcement Directorate’s massive recovery from Mallya’s assets.

December 19, 2024: Fugitive billionaires Vijay Mallya and Lalit Modi had a public exchange on social media platform X (formerly Twitter), reflecting on their shared experiences of controversy and legal battles in India.

Lalit Modi, the founder of the Indian Premier League, extended birthday wishes to Vijay Mallya, noting that life had brought them both “ups and downs.” Mallya responded with a poignant message: “We both have been wronged in a country we tried to contribute to.”

Also Read: Vijay Mallya Questions Recovery of ₹14,131 Crore, Claims Overpayment Beyond Debt

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Mallya Challenges ED’s Actions

In a series of posts, Mallya criticized the Enforcement Directorate (ED) for recovering ₹14,131 crore against the adjudged debt of ₹6,203 crore for Kingfisher Airlines. He argued that the amount recovered was more than twice the debt owed.

Also Read: India’s Forex Reserves Dip by 2.63%, Not the Steepest Decline in Two Decades: Government Clarifies

“I am still an economic offender. 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,” he wrote.

Mallya also questioned the Central Bureau of Investigation’s (CBI) allegations against him, particularly concerning a ₹900 crore loan from IDBI Bank. He claimed the loan, duly approved by the bank’s credit committee and board, had been fully repaid with interest. “After 9 years, why is there no conclusive evidence of fraud and misuse of funds?” he asked.

Also Read: India’s FY25 Fiscal Deficit Projected at 4.8% Amid Robust Tax Collections

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Modi’s Supportive Response

In response to Mallya’s posts, Lalit Modi offered encouragement, saying, “This too shall pass.”

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Government’s Stand

Mallya’s statements followed remarks by Finance Minister Nirmala Sitharaman, who, during the Supplementary Demands for Grants debate in Lok Sabha, highlighted the ED’s efforts in recovering assets from economic offenders.

Sitharaman said properties worth ₹14,131.6 crore linked to Vijay Mallya had been restored to public sector banks. Additionally, she noted recoveries in other high-profile cases, including:

• Nirav Modi case: ₹1,052.58 crore restored to banks.
• Mehul Choksi case: ₹2,565.90 crore worth of properties attached.

The Finance Minister reiterated the government’s commitment to pursuing economic offenders and returning rightful assets to victims and claimants.

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Tags:

Vijay Mallya, Lalit Modi, Economic Offenders, Enforcement Directorate, Kingfisher Airlines, Asset Recovery, Nirmala Sitharaman, Nirav Modi, Mehul Choksi, Economic Offence Cases, Indian Legal System,