Fugitive businessman Vijay Mallya has taken to social media, firing a fresh salvo at India’s public sector banks saying they should be “ashamed” for not providing a clear and accurate statement of the money they’ve recovered from him as a guarantor.
Mallya pointed out that the Union Finance Minister had publicly stated that Rs 14,100 crore was already returned, yet the banks haven’t shared proper details.
Vijay Mallya’s fresh attack on private sector banks
Mallya, in a post on X, questioned why the banks that are chasing him for money haven’t been able to give him a simple, accurate statement showing all the recoveries they have made.
“The Indian Public Sector Banks who claim monies from me as a guarantor should be ashamed that they have not yet submitted an accurate statement of account of recoveries made despite the Union Finance Minister clearly stating that Rs 14,100 crores have been restored to the very same Banks,” Mallya said in a post on X.
He basically said that the government has already stated that the banks have restored a huge amount but on the other, they still can’t show the final tally. Mallya’s argument is that since so much money has already been recovered, the banks need to be transparent about the actual debt status.
Mallya left India in 2016 and is currently in the UK, fighting extradition back to India to face charges related to his loan defaults. He has often claimed that the banks have already recovered much more than the original amount he owed.
How did banks respond to Mallya’s claims in Raj Shamami’s podcast
In a podcast with YouTuber Raj Shamami earlier this year, Vijay Mallya repeated his claim that he had tried to clear his debts, saying he made four settlement offers between 2012 and 2015. He said the banks rejected all of them, blaming political pressure rather than practical reasons for their refusal.
Mallya also criticised the banks and the Enforcement Directorate for not explaining the extra amount they were trying to recover. He added that he was ready to return to India if he was guaranteed a fair trial and respectful treatment.
However, banks and government officials disagreed with his version. They have said that Rs 14,100 crore Mallya mentioned refers to assets that have been seized, not cash recovered. According to them, about Rs 10,800 crore has actually been recovered so far, while around Rs 6,900 crore remains unpaid due to interest and penalties.