New Delhi: Vijay Mallya, who is accused of defrauding Indian Banks, is not innocent, according to the general secretary of a leading bank employees’ guild.
The former owner of Kingfisher Airlines in a podcast with YouTuber Raj Shamani on Thursday countered all allegations of ‘financial fraud and willful default’, The News Minute reported.
CH Venkatachalam, general secretary of the All India Bank Employees' Association (AIBEA), said that Mallya was trying to ‘build a narrative’ for his image, but he was not innocent.
In his first interview since fleeing India in 2016, Mallya told the podcaster that he had no intension to defraud Indian banks, adding that he always wanted to repay the loans.
‘I never had any intention of defaulting. I have always said I am willing to settle with the banks, but they never came forward for a reasonable negotiation,’ Mallya was quoted as saying.
CH Venkatachalam responded to Mallya’s claims: ‘The first impression I got is that he is trying to cover up, maybe to build a narrative here in India that he is good, not a thief, and pretending to be innocent’.
In order to fund his failing Kingfisher Airlines and other ventures, Mallya reportedly borrowed over Rs 9,000 crore from a consortium of Indian banks, which he defaulted after the airlines was shut down in 2012 in the face of losses and ‘financial mismanagement’.
Having left to face allegations of financial fraud, money laundering and willful default, Mallya fled India in 2016 and has since been living in UK where he is legally fighting an extradition case.
Mallya claimed that he had left India on a ‘pre scheduled visit’ but did not return for reasons he considered valid, adding ‘If you want to call me a fugitive, go ahead, but where is the chor (thief) coming from ... where is the chori (theft)?’
More important, he said the Indian banks recovered from him ‘far in excess of the principal amount I borrowed’, adding that the Debt Recovery Tribunal (DRT) put his dues at Rs 6,203.35 crore including 11.5% interest.
He cited the Union Ministry of Finance as stating in its report that the government had recovered Rs 14,000 crore from him.
However, AIBEA general secretary Venkatachalam said that Mallya had taken loans from different banks, adding that he ‘tried to manipulate or misuse as per some reports. Also he tried foreign exchanges under the money laundering case.’
It is reported that the podcast has gained over 20 million views on YouTube within four days of publishing it on the platform.