The fugitive businessman challenges the Enforcement Directorate and banks to justify recovering more than twice the adjudged debt of ₹6,203 crore.
December 19, 2024: New Delhi: Fugitive businessman Vijay Mallya has raised questions about the recovery of ₹14,131.60 crore by public sector banks, claiming it far exceeds the adjudged debt of ₹6,203 crore, as determined by the Debt Recovery Tribunal (DRT).
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Taking to social media platform X, Mallya said, “The Debt Recovery Tribunal adjudged the Kingfisher Airlines (KFA) debt at ₹6,203 crore, including ₹1,200 crore of interest. However, the Finance Minister announced in Parliament that banks have recovered ₹14,131.60 crore from me via the Enforcement Directorate (ED). Unless the ED and banks can legally justify taking more than twice the debt amount, I am entitled to relief, which I will pursue.”
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Government’s Defense and ED Recoveries
The statement comes a day after Finance Minister Nirmala Sitharaman highlighted major cases of asset recoveries during the Supplementary Demands for Grants debate in Lok Sabha. Sitharaman announced that the Enforcement Directorate had restored properties worth around ₹22,280 crore related to high-profile economic offenders.
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Among these recoveries:
- Vijay Mallya’s properties: ₹14,131.60 crore restored to public sector banks.
- Nirav Modi case: ₹1,052.58 crore returned to banks.
- Mehul Choksi and associates: ₹2,565.90 crore recovered.
- Other cases, including National Spot Exchange Ltd (NSEL), SRS Group, and Heera Group, collectively added significant recoveries.
The minister emphasized that the government remains committed to pursuing economic offenders and returning stolen funds to banks. “We have not left anybody who committed economic offences; we are after them,” she said.
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Mallya’s Legal Battle Continues
Mallya, who fled to the UK in 2016, has been accused of defrauding Indian banks and faces extradition proceedings. He claims that the additional recoveries far exceed his liability, demanding legal clarification. Despite this, he remains designated as an economic offender under Indian law.
The Finance Minister also expressed optimism about India’s economic growth, labeling the sluggish GDP figures in the second quarter as a “temporary blip.”
Tags:
Vijay Mallya, Economic Offences, Enforcement Directorate, Debt Recovery Tribunal, Kingfisher Airlines, Nirmala Sitharaman, Public Sector Banks, Nirav Modi, Mehul Choksi, ED Recoveries, Economic Growth,
