Vijay Mallya offers 100% repayment to Indian banks

The 62-year-old former Kingfisher Airline boss, Vijay Mallya, is on bail in the UK on an extradition warrant since his arrest in April last year, is now fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores.

The liquor baron Mallya on Wednesday appealed to various Indian banks through Twitter to accept his offer to pay back 100 percent of the principal loan amount he owes to them, days ahead of a UK court’s decision on his plea not to extradite him to India.

“Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that’s where Banks money went . I have offered to repay 100 per cent of the principal amount to them. Please take it (sic),” tweeted Mallya. Mallya also claimed that his vast liquor empire, the United Breweries, contributed “handsomely” to the state exchequer.

“Politicians and the media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don’t I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court,” he said.

“I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100 per cent back. I humbly request the banks and Government to take it,” he said.

Mallya’s series of tweets came hours after alleged AgustaWestland VVIP chopper deal middleman Christian Michel was brought to India from Dubai, the first successful extradition since India initiated similar proceedings against economic offenders like Mallya, Nirav Modi and Mehul Choksi.

A ruling at the end of Mallya’s extradition trial is expected at Westminster Magistrates’ Court in London on December 10.

Saurabh Chopra

With a blend of vivid areas of interest, Saurabh is a passionate reader and a news writer. He is always enthusiastic and proactive in finding the latest in his fields of interest. Saurabh is also a keen observer in the economic and business pits and falls.

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