Vijay Mallya: Vijay Mallya, a fugitive businessman accused of money laundering and fraud, has disclosed additional information regarding the demise of Kingfisher Airlines. He claimed to have presented a plan to reduce the airline to save it to then-Finance Minister Pranab Mukherjee. Mr. Mallya claims that his request was turned down.

Vijay Mallya’s Latest Interview:

In an interview with YouTuber Raj Shamani, Mr. Mallya discussed the downfall of Kingfisher Airlines and blamed the 2008 global financial crisis for many of the airline’s problems. He said Kingfisher operated smoothly until 2008, but the situation worsened drastically when the crisis hit. He added that the economic downturn severely affected India and impacted nearly every sector. “The money stopped. Everything dried up. And the value of the Indian rupee also fell,” Mr. Mallya said.

Vijay Mallya Blames Pranab Mukherjee:

Kingfisher Airlines launched in 2005 and earned praise for its top-notch service. However, as the global economy worsened, the airline’s financial troubles deepened. Mr. Mallya said he reached out to then-Finance Minister Pranab Mukherjee to seek permission to scale down Kingfisher’s operations in response to the declining economic conditions. “I told Shri Pranab Mukherjee that I was struggling,” Mr. Mallya said. “I couldn’t afford to operate in such a depressed economy, so Kingfisher Airlines needed to downsize, reduce its fleet, and lay off employees.”

According to Mr. Mallya, the government rejected his proposal. “They advised me not to downsize. They told me that if I kept operating, the banks would support me. That’s where the downfall began.” Despite those assurances, Kingfisher Airlines eventually shut down all flights as financial troubles continued to mount, Mr. Mallya added.

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The booze baron directly addressed the accusations surrounding his financial transactions during the podcast. He asserted that he had made four settlement proposals to the banks, all of which they rejected despite his clear willingness to repay the debt. He accused the banks of lacking transparency, claiming they ignored 15 reminders and failed to provide a formal statement of accounts. He added that only a finance minister’s statement in Parliament revealed the total debt as ₹14,131.6 million.

Mr. Mallya challenged media reports that claimed he owed ₹9,000 crore by citing a certificate from the Debt Recovery Tribunal, which confirmed the actual amount as ₹6,203 crore. He also questioned why people labeled him a “chor” despite his repayments exceeding the required amount. He stated that he is ready to face trial for alleged malice, but not for any wrongdoing.

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