Vijay Mallya, wanted in India on charges of fraud and money laundering involving over ₹9,000 crore, spoke about the cases against him in a four-hour podcast conversation with entrepreneur Raj Shamani. The former Kingfisher Airlines chief addressed his controversial exit from India, legal battles, the downfall of his airline and his problem on being called a ‘chor’.
“Call me a fugitive for not going to India post-March (2016). I didn’t run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the ‘chor’ coming from… where is the ‘chori’?” Mallya said on the podcast.
On not returning to India
Mallya, who has lived in the UK since 2016, also commented on whether staying abroad worsened his legal troubles. “If I have assurance of a fair trial and a dignified existence in India, you may be right, but I don’t,” he said.
When asked directly if he would return to India under assurances of fairness, Mallya replied, “If I am assured, absolutely, I will think about it seriously.” He also cited a UK High Court of Appeal ruling in another extradition case, stating that Indian detention conditions had been found to violate Article 3 of the European Convention on Human Rights. “Therefore they can’t be sent back,” Mallya said, implying that he had similar concerns.
The Indian government has not yet responded to Mallya’s comments made during the interview.
Kingfisher Airlines crisis
Revisiting the downfall of Kingfisher Airlines, Mallya said the 2008 global financial crisis was a major trigger. “You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,” he told Shamani, adding, “Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit.”
According to Mallya, he approached then-finance minister Pranab Mukherjee with a restructuring plan. “I went to Shri Pranab Mukherjee… and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can’t afford to operate under these depressed economic circumstances,” he said. However, he claimed he was advised against downsizing and was promised support from banks.
“I was told not to downsize. You continue, banks will support you. That is how it all started. King Fisher Airlines has been forced to suspend all of its flights. King Fisher Airlines has been struggling. At the time when you asked loan, the company was not doing that great,” Mallya recounted.
Mallya’s legal troubles
Mallya’s legal troubles continue to mount. On April 9 this year, he lost an appeal against a bankruptcy order issued by a London High Court in connection with a ₹11,101 crore debt to a consortium of Indian lenders, including the State Bank of India.
In February, Mallya approached the Karnataka High Court, arguing through his legal counsel that banks have already recovered ₹14,000 crore – well above the ₹6,200 crore originally due. He requested the court to direct lenders to provide a detailed breakdown of the recovered amount. Acting on the plea, a bench led by Justice R Devadas issued notices to the concerned banks and debt recovery officers.
Despite this, Indian authorities continue to pursue Mallya’s extradition to face trial for financial crimes related to Kingfisher Airlines, which ceased operations in 2012.