In a rare and candid interview hosted by entrepreneur and influencer Raj Shamani, Vijay Mallya, India’s once-celebrated business magnate and founder of Kingfisher Airlines, opens up about the controversy that has defined his public life for nearly a decade. The conversation goes beyond headlines and accusations, revealing the complexities of running a high-stakes business in India, the fine line between failure and fraud, and the challenges of fighting legal battles across borders.
This article covers the interview’s key moments, addressing critical questions asked by Raj Shamani and offering a comprehensive understanding of Vijay Mallya’s side of the story. It is not just an interview; it is a rare window into the business and legal struggles of one of India’s most polarizing figures.
Setting the Stage: Who is Vijay Mallya?
Raj Shamani began the interview by asking a fundamental question many Indians still wonder: “Who is Vijay Mallya today?”
Mallya responded by highlighting his journey from inheriting a traditional family business to becoming a pioneering entrepreneur who introduced Kingfisher Airlines with a vision of revolutionizing Indian aviation. Once hailed as the “King of Good Times,” Mallya’s empire extended from liquor brands to aviation, sports, and even Formula 1 racing. However, the glory days dimmed amid financial turmoil, leading to the eventual collapse of Kingfisher Airlines and a legal saga that followed.
The Question of Financial Irregularities: Did Vijay Mallya Defraud Indian Banks?
Raj’s pointed question, “Banks say you siphoned off ₹900 crores from IDBI and other loans. What is your response to that?”
Mallya addressed the heart of the controversy: the loans taken by Kingfisher Airlines and the allegation that they were misused. He explained that running an airline is an expensive business, with a significant portion of expenses denominated in foreign currency — leasing aircraft, maintenance, fuel, and spares, much of which is paid abroad. The transfer of funds overseas was thus a legitimate business requirement.
He challenged the agencies to produce proof that funds were diverted for personal gain or unrelated purposes. “I do not own any foreign property purchased with these funds,” Mallya said, contradicting popular media reports. He highlighted that bank-appointed independent valuers and auditors had confirmed the legitimacy of the financial transactions at the time of the loan disbursal.
The Flight from India: Fugitive or Scheduled Departure?
One of the most sensitive issues in Mallya’s story is his departure from India amid mounting legal pressure. Raj asked bluntly, “Why did you leave India? Aren’t you a fugitive?”
Mallya’s response was measured and firm. He said his departure was for a scheduled business meeting abroad, planned long before any charges or investigations. According to him, “If I am a fugitive for leaving on schedule, many businessmen who stayed back are not. I did not run away.”
He also pointed out that his absence does complicate the narrative but did not signify guilt. “I have been fully cooperative with courts and authorities and am willing to face trial wherever necessary.”
The Banks’ Recovery: Has Money Been Repaid or Not?
Raj Shamani asked, “How much money has actually been recovered by banks, and what is the real amount outstanding?”
Mallya revealed that the banks have already recovered a significant portion, in fact, more than the principal amount, thanks to the appreciation of shares and securities that were collateral for the loans. “The banks are sitting on a profit because of their shares in United Breweries Ltd,” he explained.
He emphasized that the issue is not about money but about the intention behind the transactions and the claim that he deliberately defaulted or defrauded banks, which he denies.
Media Trials and Public Perception
Raj’s next question touched on the public’s perception shaped by media coverage: “Do you feel media has tried you and convicted you without a proper trial?”
Mallya was candid. He said the intense media coverage has indeed prejudiced public opinion. The labels “fugitive” and “chore” have stuck in popular discourse, making it difficult to separate fact from fiction. “I accept criticism but want to be judged on facts, not on sensational headlines.”
He added that this trial by media has had a personal cost, affecting his reputation and efforts to clear his name.
Cooperation with Authorities: Has Vijay Mallya Been Transparent?
Raj asked, “Have you cooperated with Indian courts and investigation agencies fully?”
Mallya asserted that he has been open and transparent, sharing details of all assets and financial transactions. He also expressed frustration that banks and authorities have not provided a clear statement of accounts or proof of alleged irregularities, despite his repeated requests for independent audits.
He stated, “If I am guilty, let the evidence show it. I am willing to face any audit or scrutiny.”
The Core Issue: Business Failure or Criminal Fraud?
One of the most important questions Raj asked was: “Is this a case of business failure or criminal fraud?”
Mallya distinguished between the two. He accepted that Kingfisher Airlines was a commercial failure due to a range of factors including market competition, rising fuel costs, and regulatory challenges. However, he denied any criminal intent or fraudulent activities.
He argued that many successful businesses worldwide face losses, but not all failures are criminal cases. The legal case, according to Mallya, hinges on proving intent to defraud, which he strongly denies.
The Role of Government and Banks: A Broader Context
Raj questioned, “Did the banks and government play a role in the downfall?”
Mallya suggested that the financial ecosystem, including regulatory hurdles and aggressive lending practices, contributed to the airline’s difficulties. He hinted at the role of delayed government clearances, volatile aviation fuel prices, and high taxes, which made the airline industry tough to survive in India.
While he defended the banks’ decisions in approving loans, he also suggested that the aggressive recovery tactics have sometimes hurt the possibility of amicable resolutions.
The International Dimension: Legal Battles Abroad
Raj asked, “How do you respond to the international courts and extradition proceedings against you?”
Mallya explained that foreign courts, including the UK’s, have only ordered extradition on the basis of prima facie evidence, not guilt. “Extradition is a process, not a verdict,” he said, emphasizing his confidence in the Indian legal system and his intention to contest charges legally.
He also mentioned the difficulty of managing assets across jurisdictions under such intense scrutiny.
Lessons Learned and Future Outlook
Towards the end, Raj asked, “What lessons have you learned, and what’s next for Vijay Mallya?”
Mallya reflected on the experience as humbling, acknowledging mistakes but insisting on integrity. “Business is risky. I accept failure but will fight for justice,” he said.
He spoke about his desire to return to India and contribute positively, hoping to be judged fairly and regain his reputation. He also expressed hopes for reforms in Indian business laws to balance accountability with entrepreneurial risk-taking.
The Story Continues
The Vijay Mallya saga remains one of India’s most compelling and complex stories involving business, law, and public opinion. This interview with Raj Shamani sheds light on many previously unexplored facets of Mallya’s narrative, offering a nuanced view beyond media headlines.
While courts will decide the final verdict, this conversation reminds us that behind every headline is a human story — one of ambition, risk, controversy, and the relentless pursuit of justice.
About Raj Shamani
Raj Shamani is a prominent Indian entrepreneur, author, and YouTuber known for his engaging interviews with business leaders and influencers. His interview with Vijay Mallya provided rare insights into a story that has gripped India for years.
Disclaimer : This article is only for education purpose, from 4 Hours of podcasts we only discussed here about the important part.So, before making any decisions it’s hardly advised to you that must watch this exclusive podcast on Raj Shamani channel .
