Fugitive Businessman Vijay Mallya Said That “He Had Become The “Poster Boy” For Bank Defaults”

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Fugitive businessman Vijay Mallya, who is wanted in India for default of bank loans, on Tuesday said he had become the “poster boy” for bank defaults.
Fugitive businessman Vijay Mallya, who is wanted in India for default of bank loans, on Tuesday said he had become the “poster boy” for bank defaults.

Breaking his silence, The controversial businessman who is in the UK and fighting an extradition request from the Indian government left India in March 2016. He is accused of defrauding Indian banks and has more than $1bn in debt, after defaulting on bank loan payments. He built his fortune from Kingfisher beer, before investing in an IPL team and Formula 1 racing.

Fugitive businessman Vijay Mallya, who is wanted in India for default of bank loans, on Tuesday said he had become the “poster boy” for bank defaults.

Speaking after “two years of silence” over the controversy surrounding him in the over Rs 9,000-crore Kingfisher Airlines loan default case, Mallya denied that he was a wilful defaulter.

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Tired of “relentless pursuit” of him by “the government and its criminal agencies”, Mallya said he had even written letters to both the Prime Minister and the Finance Minister + on April 15, 2016 to explain his side of the story.

“No response was received from either of them,” he said in a statement issued, seeking to state ‘factual position’ in response to the controversy surrounding him.

Mallya, who also made public the letters he had written to the PM and the Finance Minister, said he has been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA).

“Some of the lending banks have also labelled me a wilful defaulter,” he added.

He claimed that he made two settlement offers to the banks when proceedings were filed by them in the Supreme Court on March 29, 2016 and April 6, 2016 but both the offers were rejected by the banks.

“I respectfully submit that my conduct does not amount to ‘wilful default’,” Mallya said.

Currently, undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, the liquor baron said the Central Bureau of Investigation (CBI) and Enforcement Directorate + (ED) have filed charge sheets against him “with various untenable and blatantly false allegations acting at the behest of the government and lending banks”.

“The ED has

also attached assets belonging to me, my group companies and companies owned and/or controlled by my family under the Prevention of Money Laundering Act (PMLA) currently valued at approximately Rs 13,900 crore,” he added.

“I have become the ‘Poster Boy’ of Bank default and a lightning rod of public anger,” he added.

Who is Vijay Mallya?

vijay mallya
vijay mallya

Vijay Vittal Mallya (born 18 December 1955) is an Indian businessman and former politician who is the subject of an extradition effort to try to force his return from the UK to India to face charges of financial crimes.

Once called the “King of Good Times” due to his extravagant lifestyle, Mallya and his companies have been embroiled in financial scandals, and controversies since 2012. Mallya left India on 2 March 2016 after saying he wanted to move to Britain to be closer to his children. A group of 17 Indian banks are trying to collect approximately ₹9,000 crore (US$1.3 billion) in loans which Mallya has allegedly routed to gain 100% or a partial stake in about 40 companies across the world. Several agencies including the Income Tax Department and the Central Bureau of Investigation are investigating Mallya for charges including financial fraud and money laundering, and the Attorney General said that Mallya’s assets abroad are “far in excess to loans taken by him”

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