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Vijay Mallya offers to repay 100 per cent of 'public money'

Press Trust of India  |  London 

Fugitive baron on Wednesday took to with an offer to pay back 100 per cent of "public money" to various Indian banks and urged the government to accept his offer, days ahead of a UK court's decision on his plea not to extradite him to

The 62-year-old former boss, who has been on bail in the UK on an extradition warrant since his arrest in April last year, is fighting extradition to on charges of fraud and money laundering allegedly amounting to around Rs 9,000 crores.

A ruling in the case is expected at in on December 10, but the stressed that the extradition issue was a "separate" matter which will take its "own legal course".

"The most important point is public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, why," he questioned in one of his posts on

In reference to some Indian claiming that his offer is linked to an expected ruling in the extradition case on December 10, he added: "Usual nonsense! I have made settlement offers since 2016."

After weeks of silence, shot off a series of tweets since the early hours of Wednesday to defend the loans he had acquired from various banks as a means of keeping his now-defunct afloat.

"Airlines struggling financially partly because of high prices. Kingfisher was a that faced the highest ever crude prices of USD 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 per cent of the principal amount to them. Please take it," reads one of his posts.

Making a reference to his group United Breweries, said that "India's largest group" had contributed "thousands of crores" to the state exchequer over the years.

"also contributed handsomely to the states. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it," he said.

In a further lament against the and media, he adds: "Politicians and the media are constantly talking loudly about my being a defaulter who has run away with money. All this is false. Why don't I get fair treatment and the same loud noise about my comprehensive settlement offer before the High Court. Sad."


Mallya's tweets came hours after alleged VVIP chopper deal middleman was brought to from Dubai, the first successful extradition since India initiated similar proceedings against alleged economic offenders like Mallya, and

Mallya is fighting his extradition from the UK to India in a trial which opened in on December 4 last year. The UK's (CPS), arguing on behalf of the Indian government, has attempted to lay out a prima facie case of fraud against Mallya and establish there are no bars to him being extradited to face Indian courts over the allegations relating to loans made out to erstwhile

In separate legal proceedings, the had lost an appeal in the earlier this year against a order in favour of 13 Indian banks to recover funds amounting to nearly 1.145 billion pounds.

The banks, led by (SBI), have since been pursuing ways of recouping the debt as part of a worldwide freezing order. In one of the most recent orders in the case last week, they had acquired the court's permission to pursue any surplus funds from the sale of a luxury yacht formerly owned by Mallya.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 16:10 IST
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