In a recent statement, fugitive businessman Vijay Mallya challenged Finance Minister Nirmala Sitharaman’s claims made in Parliament regarding the recovery of assets worth ₹14,131.6 crore linked to him. Mallya emphasized that this amount is more than double the ₹6,203 crore debt adjudicated by the courts and questioned his status as an economic offender.
“The Finance Minister reported that through the ED, banks have recovered ₹14,131.60 crore from me against the judgment debt of ₹6,203 crore, yet I am still labeled an economic offender. Unless the ED and banks can legally justify this discrepancy, I am entitled to relief, which I will actively pursue,” Mallya stated.
On Tuesday, Union Minister Sitharaman informed the Lok Sabha that public sector banks (PSBs) had successfully recovered ₹14,131.6 crore through the liquidation of Mallya’s assets, underscoring the government’s commitment to tackling financial crimes and compensating affected entities.
Mallya fled India in 2016 amid accusations of financial misconduct associated with the now-defunct Kingfisher Airlines. The Indian authorities are currently working on securing his extradition from the United Kingdom to face legal proceedings. His assets have been liquidated under the Prevention of Money Laundering Act (PMLA) in efforts to recover outstanding debts owed to banks and other creditors.
Additionally, Sitharaman noted that diamantaire Nirav Modi’s properties worth ₹1,052.58 crore have been restored to banks, while businessman Mehul Choksi’s assets valued at ₹2,565.90 crore are slated for auction following similar enforcement actions.
Published – December 19, 2024 02:10 am IST
