Vijay Mallya Offers To "Repay 100%" To Banks, Says "Please Take It"

Five days before a UK court's verdict on whether Vijay Mallya can be extradited, the fugitive businessman, who is being investigated for fraud and money-laundering, appealed to various Indian banks to accept his offer to pay back 100 per cent of the principal loan amount he owes them.

In a series of tweets, the liquor baron said that the huge loans he took from banks went into keeping his now-defunct Kingfisher Airlines afloat despite high jet fuel prices.

"Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where Banks money went . I have offered to repay 100 % of the Principal amount to them. Please take it (sic)," he tweeted.

Vijay Mallya, 62, his now-defunct Kingfisher Airlines and others availed huge loans from various banks. He left India in March 2016 after banks got together to initiate legal proceedings to recover an outstanding of more than 9,000 crores. India formally asked for his extradition in February last year.

In the UK for the past two years, he has been fighting India's attempts to bring him back to face trial.

Politicians and Media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don't I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court. Sad.

— Vijay Mallya (@TheVijayMallya) December 5, 2018

In a letter to Prime Minister Narendra Modi earlier this year, the tycoon said he was "making every effort" to settle his dues to banks but he had been made the "Poster Boy" of bank default and a lightning rod for public anger.

I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY ?

— Vijay Mallya (@TheVijayMallya) December 5, 2018

In his latest tweets Vijay Mallya said his  United Breweries "contributed thousands of crores to the state exchequers" for three decades. "Kingfisher Airlines also contributed handsomely to the states. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it," he tweeted.

He remains on bail on an extradition warrant executed by the Scotland Yard last year on fraud and money laundering charges. A ruling at the end of his extradition trial is expected at Westminster Magistrates' Court in London on December 10.

Vijay Mallya's tweets came hours after Christian Michel, the alleged middleman in the AgustaWestland chopper deal, was extradited by Dubai and brought to India on Tuesday night. It is the first successful extradition since India initiated similar proceedings against economic offenders like Mallya, Nirav Modi and Mehul Choksi.

Last month, a UK High Court order allowed 13 Indians banks to use certain information disclosed in court as part of a worldwide freezing order (WFO) against the businessman in another case involving the sale of a luxury superyacht believed to be previously owned by Mallya before he abandoned it last year.