Vijay Mallya, a popular and controversial figure, has finally given his perspective on leaving India after a bank loan default issue and being accused of fraud and money laundering. The industrialist left India in 2016, and now, nine years later, he has broken his silence on the whole ordeal. The issue of excessive bank loans that led to Vijay Mallya leaving the country started with the downfall of his Kingfisher Airlines. The self-proclaimed ‘fugitive’ has claimed that he went to the then-Finance Minister, Pranab Mukherjee with a plan to downsize the airlines but was told not to do so.
Vijay Mallya opened up about Kingfisher Airlines downfall
Kingfisher Airlines was launched in 2005 and became a symbol of premium and elite services. It was also a huge business venture with a lot of money at stake. However, Vijay Mallya, in a podcast with Raj Shamani, revealed that after the 2008 economic crisis, the airline lost its footing and started faltering. For the unversed, the 2008 economic crisis is known as the Great Recession and resulted in global financial instability. Many businesses and conglomerates were badly hit, and so was Mallya’s Kingfisher Airlines.