Mallya Questions Debt Recovery Figures, Seeks Retired Judge Probe

Fugitive businessman Vijay Mallya has again raised questions about the consistency of debt recovery figures reported by the government and public sector banks. In a social media post, he referenced a news report about media baron Subhash Chandra settling creditor claims of over Rs 22,000 crore for Rs 6.5 crore under the Insolvency and Bankruptcy Code (IBC). Mallya congratulated Chandra and contrasted that with his own case, noting that banks and the government have admitted recovering Rs 14,100 crore against a judgement debt of Rs 6,203 crore.

Mallya has repeatedly pointed to discrepancies in official statements. He noted that the Finance Minister told Parliament that Rs 14,100 crore was recovered from him, while banks claim Rs 10,000 crore, leaving a difference of Rs 4,000 crore. He also highlighted that the Minister of State said he still owes Rs 10,000 crore, whereas banks claim the outstanding amount is Rs 7,000 crore. He demanded a clear statement of account and credit for amounts recovered.

In December 2025, Mallya had called for the appointment of a retired judge to investigate the matter, arguing that an independent probe was needed to establish the truth. He described the situation as "a pathetic state of affairs" and questioned why no media questions were raised about his case.

Meanwhile, Union Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that 15 individuals have been declared Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018, as of October 31, 2025. The list includes high-profile names such as Mallya and Nirav Modi. These offenders collectively caused a principal financial loss of Rs 26,645 crore to banks, with interest accrued amounting to another Rs 31,437 crore. The government has recovered Rs 19,187 crore from these offenders so far.