Fugitive businessman Vijay Mallya has launched a fresh attack on Indian public sector banks, accusing them of hiding how much money they’ve really recovered from his seized assets. His comments come as he withdraws his bankruptcy annulment plea in the UK, giving Indian banks more power to chase his overseas assets.
Quick Insights
- Vijay Mallya accused Indian public sector banks of hiding full details of recovered assets, saying they should be “ashamed.”
- He claimed over ₹14,100 crore has already been recovered and refused to take further legal steps in the UK until banks disclose complete information.
- Mallya withdrew his UK bankruptcy annulment plea, allowing the Trustee in Bankruptcy to continue selling his assets to recover £1.05 billion owed to Indian banks.
- He remains on bail in the UK, reportedly awaiting a confidential asylum decision, while legal proceedings continue in both countries.
Mallya targets banks Over “Hidden” Recoveries”
Mallya said Indian banks should be “ashamed” for not sharing full details of the money recovered, even after the Finance Minister confirmed that ₹14,100 crore had been restored. He added that he won’t move forward with any legal action in the UK until banks come clean.
Kingfisher loans at the heart of the Case
The long-running case is tied to unpaid loans from Mallya’s now-closed Kingfisher Airlines. Indian authorities say several of his assets were seized and used to pay off part of the debt.
UK Court Update: Mallya withdraws plea
Mallya has now withdrawn his request to cancel a UK bankruptcy order. This lets the Trustee in Bankruptcy continue tracking and selling his assets to repay around £1.05 billion owed to a group of Indian banks led by SBI.What lies ahead?Legal experts say Mallya could return with a new appeal later, depending on the outcome of court proceedings in India. For now, he remains on bail in the UK while his confidential asylum plea is still being reviewed.
Stay connected with Unwires.com for more geopolitics, bollywood stories, guides, and inspiration.After all, every great journey begins with a spark — and Unwires is that spark. ⚡
