Vijay Mallya Breaks Silence on Kingfisher Collapse, says ‘I Take Full Responsibility’

06 June, 2025: 

“I would say, I am deeply sorry for what happened…” said Vijay Mallya, the fugitive businessman who once dominated India’s liquor and aviation industry. 

Making an appearance on a lengthy podcast with YouTuber Raj Shamani, Vijay Mallya revisited the collapse of Kingfisher Airlines, attributing much of the airline’s downfall to the 2008 global financial crisis. He claimed that Kingfisher operated smoothly until 2008, but everything changed drastically when the economic turmoil struck. According to Mallya, the global financial meltdown had a severe impact on India’s economy, disrupting nearly every sector, including aviation.

The 69-year-old businessman accused of alleged bank loan fraud said, “I would say, I am deeply sorry for what happened… I am deeply sorry that some of them didn't get paid their salaries. I have no excuses to offer; I take full responsibility, but for those who care to listen, there was money lying in the deposit with the Karnataka High Court.”

Kingfisher Airlines, launched with much fanfare in 2005, quickly earned a reputation for luxury service but soon struggled financially as economic conditions deteriorated. Vijay Mallya claimed that he had approached then Finance Minister Pranab Mukherjee with a plan to downsize the airline’s operations. “I went to Shri Pranab Mukherjee... and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can’t afford to operate under these depressed economic circumstances,” he said.

Amid charges of financial misconduct, Mallya said, “My freedom ended the day they took my passport.” He also questioned the government’s recovery of funds, claiming that more than double the Rs 6,203 crore debt tribunal judgment was recovered. “If I defrauded the banks, how did the government recover so much?” he asked.

Responding to allegations of financial wrongdoing, the liquor baron said, “You may call me a fugitive, but I didn't run away. I flew on a prescheduled visit. Fair enough, I didn't return for reasons that I consider are valid… so if you want to call me a fugitive, go ahead. But where is the 'chor' (thief) coming from? Where is the 'chor' (thief) coming from? Where is the 'chori’?”

Mallya left India in 2016 and has since been residing in the United Kingdom. He is currently fighting extradition to India.