“Please take it”: 2 years after fleeing India, Mallya offers to repay 100% to banks

"Please take it": 2 years after fleeing India, Mallya offers to repay 100% to banks
Mallya also questioned why he didn’t get fair treatment and the same loud noise about his comprehensive settlement offer before the Karnataka High Court

In a surprise move, fugitive businessman Vijay Mallya on Wednesday announced that he is willing to pay back the full amount of the principal loan he owed to multiple banks and asserted that all the allegations against him are false.

Mallya took to twitter and wrote, “Politicians and 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. Sad.”

In the thread of tweets, Mallya claimed, “The airlines struggled 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 % of the Principal amount to them. Please take it.”

“For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it,” Mallya added.

"Please take it": 2 years after fleeing India, Mallya offers to repay 100% to banks 1
A screengrab of Mallya’s tweets

Last month, Mumbai special Prevention of Money Laundering Act (PMLA) court had rejected Vijay Mallya’s plea seeking a stay on hearing of Enforcement Directorate’s (ED) application to declare him a fugitive.

The decision came after five parties, including a family member of Mallya, sought court dossiers with regard to the ED seeking to get Mallya declared a fugitive economic offender under the new law.

Mallya is also facing money-laundering charges in the United Kingdom after India initiated extradition proceedings against him. Both, ED along with the Central Bureau of Investigation (CBI) have filed several cases for alleged loan default against him.

On November 22, the United Kingdom (UK) High Court issued an order asking Mallya to pay a hefty amount of GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in the mortgage loan for his London property, and ruled in favour of UBS to take possession of Mallya’s palatial Cornwall Terrace home.

Mallya has been residing in the UK from the past two years. His extradition case is reportedly in its final stage at London’s Westminster Magistrates’ Court, with the ruling expected by year-end.

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