Business/Economy

Vijay Mallya: To win votes, Indian government wants to bring me back

Vijay Mallya: To win votes, Indian government wants to bring me back

India wants to deport Vijay Mallya from Britain as he has face charges of fraud case. A group of Indian banks have to recover more than 1 million dollars of loans granted to his non-operational brand Kingfisher Airlines. Vijay Mallya said that he will provide full support to the court enforcement officers asking to seize his British assets but he doesn’t have so much on his name as his family’s residences are not in his name.

The judgement is expected by early September and July 31 will be the final date for closing oral submissions.

He said that he has given an affidavit in UK court with the statement of his UK assets which pursuant to the freezing orders. He said that he has few cars, jewelry which he can physically submit and court should not be concerned to come to his house for the same, they can only tell him the date, place and time.

He also said that he would handover British assets held in his name but his children owns a luxury residence and a house in London belongs to his mother should remain untouchable as they can’t go one step beyond.

Since March 2016, he left India and living in Britain. His passport was revoked therefore he was unable to travel. Since then he has been able to only attend the annual British Grand Prix race.

The ED (Enforcement Directorate) is seeking to declare him a "fugitive economic offender" and to seize Rs. 125 billion worth of his assets.

Vijay Mallya said that he is ready to sell his assets worth $ 2.04 billion (Rs. 139 billion) to repay the creditors and have also denied the charges which are levied on him. He also added that the he put $ 2 billion in front of Karnataka high court which is sufficient to repay all his loans. All his assets in India have been freeze by the enforcement agencies so he could not sell them.

He also added that he is a resident of England not of India so he went back home therefore there is no concept of running away. It is more too become political as now in the election year government and political parties wants him to be back and to get more votes they wanted to hang him on the holy cross.