How it is called cheating when assets far in excess than the borrowings: Vijay Mallya

Fri Jun 04 2021 17:59:41 GMT+0530 (IST)

As a major relief to the consortium of banks led by the state-run SBI, a special court issued directives allowing them to sell certain real estate properties and securities that belong to fugitive businessman Vijay Mallya, earlier this week.

The development took place after the consortium had moved the special Prevention of Money Laundering Act (PMLA) court in Mumbai. The court gave its nod for the restoration of properties worth Rs 5,646.54 crore.

The liquor baron found fault with him being termed as a cheater and fraudster on Television. He said, his assets are excess to the borrowing made by Kingfisher airlines. Where is the cheating here, he asked?

"Have been watching TV and the repeated mention of my name as a cheat and fraudster. Does nobody consider that my assets far in excess of Kingfisher Airline borrowings have been attached by ED and several of my settlement offers to repay 100%? Where is the cheating or fraud?" Mallya tweeted on Friday.

Vijay Mallya is facing charges of cheating banks over money laundering worth Rs 9,000 crore. He left for the United Kingdom back in 2016. He was arrested in 2017 and granted bail two years later. Since then, the Indian government has been trying for his extradition.