Exiled businessman Vijay Mallya is calling for an independent inquiry, led by a retired judge, to investigate what he alleges are significant discrepancies in the recovery claims made by the government and banks. In a recent post on X, Mallya questioned the authorities' failure to provide him with a clear statement of accounts, despite repeatedly citing different recovery figures.
Mallya highlighted the varying figures presented by different entities, stating that the Finance Minister told Parliament that ₹14,100 crores had been recovered from him, while banks claimed recoveries of ₹10,000 crores. He further pointed out that the Minister of State informed Parliament that he still owes ₹10,000 crores, whereas banks claim he owes ₹7,000 crores. Mallya emphasized the absence of a statement of account or credit for the recovered amounts, questioning the lack of transparency in the matter. He suggested that a retired judge should investigate to uncover the truth, especially considering his judgment debt was ₹6,203 crores. Mallya described the situation as pathetic.
Mallya's remarks coincided with Union Minister of State for Finance Pankaj Chaudhary's information to the Lok Sabha, stating that, as of October 31, 2025, Mallya, along with diamond merchant Nirav Modi, are designated Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018.
This is not the first time Mallya has made an offer to settle his dues. Back in March 2016, Mallya submitted a proposal to the Supreme Court to pay ₹4,000 crore as a partial settlement to a consortium of banks led by the State Bank of India. At the time, the total amount owed was over ₹9,000 crore. The banks, however, found the ₹4,000-crore offer uninteresting and suggested Mallya double the settlement offer. They wanted a minimum of ₹4,900 crore to be paid upfront, which was the principal loan amount, along with the interest component.
The current discrepancy of ₹4,000 crores that Mallya is referring to highlights the ongoing dispute over the exact amount recovered and owed. His call for a judge-led probe underscores his demand for clarity and accountability in the recovery process.
