Vijay Mallya claims Pranab Mukherjee told him to keep flying despite crisis in Kingfisher cabin

Fugitive businessman Vijay Mallya has laid bare a dramatic accusation against former Finance Minister Pranab Mukherjee, claiming that his request to downsize Kingfisher Airlines during the 2008 global financial crisis was firmly denied, with Mukherjee assuring him that the banks would keep the airline afloat.

In a podcast interview with Raj Shamani, Mallya traced the roots of Kingfisher Airlines’ fall, pointing fingers at decisions made at the highest corridors of power. “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,” Mallya recounted. “I was told not to downsize. You continue, banks will support you. That is how it all started.”

Also Read: ‘Call me a fugitive, not a thief’: Vijay Mallya says sorry for Kingfisher crash, not the ‘chor’ tag


For Mallya, the 2008 global financial meltdown was the pivotal blow. “So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,” he said. The crisis, he explained, was relentless, striking every sector, drying up capital, and dragging down the Indian rupee, deepening Kingfisher’s financial turbulence.

Kingfisher Airlines had soared high since its 2005 launch, celebrated as a luxury carrier. But the refusal to allow the airline to shrink forced it to fly beyond its means, ultimately grounding all flights amid mounting losses.

On the podcast, Mallya also confronted the controversy over his financial liabilities. He claimed to have made four settlement offers to the banks, all rejected despite his clear intent to repay. He slammed the banks for a veil of secrecy, claiming that he never received a formal statement of accounts despite sending 15 reminders. “The total debt of Rs 14,131.6 crore was only revealed through a finance minister’s statement in Parliament,” he revealed, questioning the transparency and accuracy of the debt figures.

Backing his stance, Mallya cited a Debt Recovery Tribunal certificate to dispute media reports claiming a Rs 9,000 crore debt, insisting the official figure is Rs 6,200 crore. Challenging his vilification as a “chor” (thief), he asserted that he has repaid more than owed. “I am prepared to stand trial, not for wrongdoing, but for alleged bad intentions,” he declared.

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Addressing his “fugitive” label, Mallya admitted it was “fair” to call him that for not returning to India after March 2016, but stressed he left on a pre-scheduled visit and did not “run away.” “If you want to call me a fugitive, go ahead, but where is the ‘chor’ coming from… where is the ‘chori’?” he challenged.

Earlier this year, Mallya informed the Karnataka High Court that the Rs 6,200 crore debt owed to Indian banks has been “recovered multiple times over,” requesting a detailed account of sums recovered from him, United Breweries Holdings Limited (now in liquidation), and others linked to the case.

Since 2016, Mallya has remained in the United Kingdom, locked in a legal battle against extradition to India on fraud and money laundering charges related to Kingfisher’s massive bank loans.