Regarding the allegations of financial misconduct, Mallya claimed he had made four settlement offers to banks...
Vijay Mallya Opens Up About the Collapse of Kingfisher Airlines
Vijay Mallya, who faces allegations of financial misconduct and money laundering, has revealed details about the downfall of Kingfisher Airlines.
In an interview with YouTuber Raj Shamani, Mallya said he had planned to downsize the airline to save it and had approached the then Finance Minister, Pranab Mukherjee, with the proposal. However, the finance minister allegedly asked him to continue operating the airline at its existing scale.
He also attributed much of the airline’s troubles to the 2008 global financial crisis, claiming that Kingfisher Airlines had been running smoothly until then.
Regarding the allegations of financial misconduct, Mallya claimed he had made four settlement offers to banks, all of which were rejected despite his willingness to repay.
He further asserted that, despite sending 15 reminders, he never received a formal statement of account. According to him, the total debt of rupees 14,131.6 crore only became known through a statement made by the finance minister in Parliament.
Referring to a Debt Recovery Tribunal certificate, Mallya disputed media reports of a rupees 9,000 crore debt, stating that the official figure is actually rupees 6,203 crore.
He also questioned why he is being called a “thief” even after repaying more than what was owed. Mallya added that he is ready to stand trial — not because he did anything wrong, but because he is accused of having bad intentions.
Mallya founded Kingfisher Airlines in 2005, which was once a prominent airline in India but ceased operations in 2012 due to financial difficulties.
His business ventures faced significant setbacks, leading to allegations of financial misconduct. In 2016, Mallya left India for the UK amid accusations of defaulting on loans amounting to approximately rupees 9,000 crore from 17 Indian banks.
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