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Vijay Mallya Request Banks to Take 100% of their Principal Back But will Not Go to India

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Businessman Vijay Mallya, who is absconding from India, appeared before the Royal Court of Justice in London. In front of the court, he said, “I request the banks with folded hands, take 100 percent of your principal back immediately but I am not ready to go to India.” Mallya, 64 former Kingfisher Airlines boss wanted in India on charges of Fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans.

In court Mallya said, “Enforcement Directorate attached the assets on the complaint by the banks that I was not paying them. I have not committed any offense under the PMLA (Prevention of Money Laundering Act) that the Enforcement Directorate should confiscate my property.” Mallya’s case was heard by a two-judge bench. These included Lord Justice Stephen Irwin and Justice Justice Elisabeth Laing will deliver the verdict in a few weeks.

His appeal against Mallya’s extradition order rests on whether there is a main case of fraud against the businessman. Mallya’s lawyer insisted, “Kingfisher was a business failure.” Marc Summers, who led the case for the Indian government said, “We believe he lied to get the loan. Then he refused to give the money back.” While talking to reporters Mallya said, “It is the very same banks who complained to the ED to attach my assets because I was not paying the banks. Now I’m saying, please, banks take your money. But ED is saying no, we have a claim on these assets. So the Enforcement Directorate on one side and the banks on the other are fighting over the same asset.”