One of India's most popular fugitive businessmen, Vijay Mallya, has recently fired shots at the Indian government and public sector banks, accusing them of fabricating financial data.
This comes after the Ministry of Finance tabled updated recovery figures in the Lok Sabha. Mallya alleges a discrepancy of over Rs 4,000 crore between figures cited by the Finance Minister and those claimed by banks.
On Monday, Minister of State for Finance Pankaj Chaudhary presented data surrounding the status of 15 declared "Fugitive Economic Offenders" (FEOs) as of Oct. 31, 2025. The report that was published highlighted specific losses and recoveries linked to these high-profile fraud cases, including that of Mallya's Kingfisher Airlines.
It didn't take long for Mallya to respond, with the Bengaluru-born businessman claiming the numbers shared by the government are contradictory, even demanding an independent probe.
"How long will the GOI and PSU Banks hoodwink me and the public," Mallya posted on X. "Finance Minister says to Parliament that Rs 14,100 crores recovered from me. Banks say Rs 10,000 crores recovered. What about the difference of Rs 4,000 crores?"
How long will the GOI and PSU Banks hoodwink me and the public. Finance Minister says to Parliament that Rs 14,100 crores recovered from me. Banks say Rs 10,000 crores recovered. What about the difference of Rs 4,000 crores ? Now, MOS tells Parliament that I still owe Rs 10,000…
December 1, 2025The comprehensive annexure submitted by the Ministry reveals significant discrepancies between the losses sustained and the amounts recovered by various lenders, Mallya says.
The State Bank of India reported a total financial loss of Rs 6,848.28 crore, while the total amount recovered was Rs 10,814.54 crore. In a similar vein, the Bank of India indicated a loss of Rs 565.45 crore, with recoveries amounting to Rs 974.38 crore, as highlighted by Mallya.
Other banks have reported recoveries that do not meet the losses incurred. For instance, UCO Bank recorded a loss of Rs 707.60 crore, with recoveries of Rs 518.59 crore, and Union Bank of India reported a loss of Rs 848.55 crore against recoveries of Rs 451.31 crore.
Mallya argues that despite these high recovery figures—which he calculates as totalling Rs 15,094.93 crore based on the MOS statement—the government claims he still owes substantial debts.
"Why not appoint a Retired Judge to investigate and find out the truth particularly since my judgement debt was Rs 6203 crores," Mallya stated.
The government has verified that following the implementation of the Fugitive Economic Offenders Act in 2018, 15 individuals have been designated as FEOs, with nine of them implicated in significant banking fraud. Although two offenders have opted for One Time Settlements (OTS), the report indicates "No" in the settlement column for Mallya.
Furthermore, the Ministry has mentioned that there is presently no policy in place to legally prevent such offenders from departing the country prior to the legal establishment of a crime.
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