In a significant new development in the long-running legal saga, fugitive businessman Vijay Mallya has formally requested the appointment of a retired Supreme Court judge. He wants this judge to lead a thorough investigation into the claims made by a consortium of banks regarding the recovery of funds from him.
Mallya's Call for an Independent Probe
Vijay Mallya, the former chairman of the now-defunct Kingfisher Airlines, made this appeal through his official social media account. He expressed strong objections to the narrative being presented by the banks and government agencies. Mallya insists that the actual amount recovered by the banks has been significantly underreported to the public and the courts.
He specifically challenged the statements made by the State Bank of India (SBI) and other involved parties. Mallya alleges there is a deliberate attempt to misrepresent the facts surrounding the recovery process linked to his assets and guarantees.
The Core of the Dispute: Reported vs. Actual Recovery
The controversy centers on the figures presented for the recovery of funds from Mallya. Banks have previously informed the Supreme Court that a substantial amount, over Rs 13,000 crore, is still outstanding from Mallya and his associated companies. This includes the principal loan amount and accrued interest.
However, Mallya vehemently disputes this. He claims that the banks, particularly SBI, have already recovered a major portion of the dues through the sale of his seized assets. He argues that the true recovered amount is far higher than what is being officially acknowledged. This discrepancy, he believes, warrants an independent judicial inquiry to establish transparency.
Mallya has been declared a fugitive economic offender and is currently residing in the United Kingdom, fighting extradition to India.Legal Battles and Ongoing Proceedings
This request for a probe comes against the backdrop of multiple, simultaneous legal proceedings. The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have been pursuing cases against Mallya for alleged money laundering and fraud. The consortium of banks, led by SBI, has been engaged in a protracted legal battle to recover the loans given to Kingfisher Airlines.
The Indian government has been actively seeking Mallya's extradition from the UK. While UK courts have approved the extradition, the process has faced delays due to various legal appeals. The latest move by Mallya to call for an independent probe is seen as a new strategy to challenge the narrative and potentially influence the public and legal perception of the case.
The outcome of this request remains uncertain. It is now up to the concerned courts and authorities to decide whether an investigation led by a retired Supreme Court judge will be initiated. This development adds another complex layer to one of India's most high-profile financial fraud and recovery cases.
