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Mint
4 days ago
- Business
- Mint
Vijay Mallya speaks about loneliest day of his life on Raj Shamani podcast: ‘Frenzy of the past doesn't last forever'
'In nine years, what was the loneliest day of your life?' asked Raj Shamani in the now-viral interview of Vijay Mallya. Mallya, articulate throughout the four-hour exchange, paused for a moment, let out a sigh and appeared momentarily lost for words. 'I've always had something to do. I haven't been sitting… alone. I told you… my interests keep me occupied. My pace of life has slowed down dramatically. My pace of life now is probably one of semi-retirement, to be honest,' Vijay Mallya said with a faint smile that flickered briefly before fading away. 'But, that's what happens when you reach retirement age, isn't it? So, the frenzy of the past doesn't last forever. And, I'm in that phase. But, I have enough and more interest to keep me occupied,' he added. In 2016, Vijay Mallya was declared a 'proclaimed offender' by a special court under the Prevention of Money Laundering Act. It came after a request by the Enforcement Directorate (ED). Mallya, accused of defaulting on bank loans worth over ₹ 9,000 crore, fled India in the same year. The fugitive business mogul told Raj Shamani that he was ready to return if promised a fair trial. 'If I am assured, Absolutely I will. I will think about it seriously,' Mallya said. However, he was quick to add his human rights concerns. He points out that. in other extradition cases, the UK High Court of Appeal has ruled that Indian prison conditions violate the European Convention on Human Rights (ECHR). "They just lock you up and throw away the key. That's not justice," the UK-based business tycoon said. When asked what conditions would make him feel safe to return and face trial in India, Mallya avoided giving specifics and instead shifted focus to the reputation of Indian investigating agencies. He implied that the CBI and ED had treated others unfairly. Therefore, he lacked confidence in receiving justice from them. 'In India, sadly, a business failure is compared or is equivalent to a fraud,' he added. Vijay Mallya, once celebrated as the flamboyant 'King of Good Times', saw a dramatic downfall after defaulting on loans linked to his now-defunct Kingfisher Airlines. Lavish parties, RCB ownership and his luxury lifestyle masked deep financial troubles. In 2016, Mallya fled India amid mounting pressure from banks and investigative agencies. Declared a 'wilful defaulter', he became the face of corporate fraud in modern India. Despite legal battles in UK courts over extradition, Vijay Mallya maintains he's a victim of business failure, not fraud.
Hindustan Times
4 days ago
- Business
- Hindustan Times
‘Call me a fugitive… but I am not a chor': Vijay Mallya addresses charges against him
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. 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. 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 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.
