‘How long will the govt hoodwink me’: Vijay Mallya says there’s a mismatch in how much he owes and how much was recovered

Vijay Mallya took to social media to say that the Indian government and the Indian public banks are “hoodwinking” him and the public. The fugitive businessman, who owes crores of rupees to the banks, said there is a mismatch between how much has been recovered from him and how much he still owes. In fact, he had reiterated similar accusations in the past too.

“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 crores while Banks claim that I owe Rs 7,000 crores. No statement of account or credit for amounts recovered. Why not appoint a Retired Judge to investigate and find out the truth particularly since my judgement debt was Rs 6203 crores. Pathetic state of affairs vis a vis myself,” he said.

His post comes after the Finance Ministry told the Lok Sabha on Monday that fugitive economic offenders owe more than Rs 58,082 crore to Indian public sector banks. This amount includes Rs 26,645 crore in principal and Rs 31,437 crore in accumulated interest as of October 31, 2025. The figures highlight the ongoing financial burden on state-owned banks due to major fraud cases.

The ministry said 15 individuals have been declared Fugitive Economic Offenders under the Fugitive Economic Offenders Act, 2018. Nine of these are linked to major frauds involving public sector banks. The list includes well-known names like Nirav Modi, apart from Vijay Mallya.

Vijay Mallya's Kingfisher Airlines accounts represent one of the largest exposures. The State Bank of India reported principal dues of Rs 6,848.28 crore. With interest, the total amount rises to Rs 11,960.05 crore. Other public sector banks also report significant unpaid amounts related to Mallya.

Nirav Modi owes more than Rs 7,800 crore in principal through entities such as Firestar and other diamond businesses. The largest single amount is Rs 6,799.18 crore under Punjab National Bank's "non-borrowal fraud" category. His outstanding dues also appear in State Bank of India, Bank of India, Canara Bank, Indian Bank, and others.

Companies linked to the Sandesara family, including Sterling Biotech, Sterling SEZ, and Sterling Global Oil Resources, have multiple loan accounts across public sector banks. The largest exposures are Rs 1,392.78 crore to Bank of India and Rs 982.50 crore to State Bank of India.

The finance ministry said banks have recovered Rs 19,187 crore from all fugitive economic offenders so far. This leaves about Rs 38,895 crore in outstanding principal and interest yet to be recovered.

The government told the House that only two fugitive offenders have entered into One-Time Settlements with banks. Nitin and Chetan Sandesara settled with Indian Bank, while Sterling Global Oil Resources Pvt Ltd negotiated with State Bank of India.