In his resignation letter to Rajya Sabha Chairman Hamid Ansari, he said he does not want his "name and reputation to be further dragged in the mud".
"And since recent events suggest that I will not get a fair trial or justice, I am hereby resigning as a member of the Rajya Sabha with immediate effect," Mallya said in the letter.
He also referred to the letter written to him by the Chairman of the Ethics Committee of Rajya Sabha Karan Singh and said he had replied to Singh.
This is Mallya's second term in Rajya Sabha and it would have otherwise come to an end on July 1.
Ethics Panel of the Upper House had unanimously decided in its April 25 meeting that Mallya should no longer remain a member of the House.
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