Mallya opposes Finance Minister over £14,000 debt recovery request

Vijay Mallya wrote on social media saying that this amount is more than twice the debt determined by the courts. File. | Photo Credit: Reuters

Taking a swipe at Finance Minister Nirmala Sitharaman for her statement in Parliament that the banks recovered Vijay Mallya’s property worth R14,131.6 crore and it was returned to the public sector banks, the fugitive businessman said that this amount was more than twice the debt that was judged by the courts and he wanted to know how. he was still an economic criminal.

“The FM announced in Parliament that through the ED, the banks have recovered £14,131.60 crore from me in a judgment debt of R6203 crore and I am still in violation of the economic law. “Unless the ED and the Banks can legally justify how they took the double debt, I have the right to get the relief that I will pursue,” said Mr. Mallya in post on X.

Union Minister Sitharaman informed the Lok Sabha on Tuesday that Rs 14,131.6 crore has been recovered by public sector banks (PSBs) from the sale of assets of fugitive businessman Mallya. This is part of the government’s ongoing efforts to tackle financial crime and recover funds from the institutions involved.

Mr. Mallya fled India in 2016 amid allegations of financial irregularities linked to the defunct Kingfisher Airlines. The Indian government wanted him extradited to the United Kingdom to face trial. His property, seized under the Prevention of Money Laundering Act (PMLA), has been released to repay money owed to banks and other creditors.

The Finance Minister also said that diamantaire Nirav Modi’s properties worth R1,052.58 crore have been returned to banks following the ED action, and businessman Mehul Choksi’s properties worth R2,565.90 crore have been attached for auction.