Fugitive businessman Vijay Mallya, accused of fraud and money laundering involving over Rs 9,000 crore, has publicly addressed the collapse of Kingfisher Airlines, the allegations against him, and his life in exile for the first time in nearly a decade. Speaking on a podcast hosted by YouTuber Raj Shamani, Mallya offered a rare apology to his former employees while firmly rejecting the accusations against him.
Launched in 2005, Kingfisher Airlines quickly built a reputation for premium service and extravagant branding. However, mounting financial pressures soon plagued the airline. Recalling the crisis, Mallya said he had approached then Finance Minister Pranab Mukherjee with a plan to scale down operations to ensure viability.
“I went to Shri Pranab Mukherjee and said I have a problem. Kingfisher needs to downsize – fewer aircraft, job cuts – because I couldn’t afford to run it under the economic conditions of the time,” he said. According to Mallya, his request was denied. “I was told not to downsize. I was assured banks would support me. That’s where the trouble began.”
Acknowledging the eventual collapse of the airline, Mallya noted, “Kingfisher Airlines was forced to suspend all flights. The company was struggling even when I sought loans.”
The embattled tycoon also challenged the narrative branding him a criminal. “Call me a fugitive for not returning to India after March 2016 – I accept that. But I didn’t run. I left on a pre-scheduled visit. I didn’t return for reasons I believe are justified,” he said. “If you want to call me a fugitive, fine. But where is the ‘chor’? Where is the ‘chori’?”
Mallya further claimed that Indian banks had already recovered more than the amount he allegedly owed. Currently residing in the UK and contesting his extradition to India, Mallya has consistently maintained that he is being unfairly vilified despite banks recovering their dues.
