After nearly a decade of media silence, former Kingfisher Airlines chief and liquor tycoon Vijay Mallya has finally broken his self-imposed exile from public discourse. Appearing on Raj Shamani’s popular podcast Figuring Out, the four-hour episode marks Mallya’s first extended interview since 2013.

“For those who are interested, I have spoken for the first time in nine years on this podcast. I want to say sorry to employees of Kingfisher Airlines and also to set the record straight with facts and the truth,” Mallya wrote in a post on X following the episode's release.

For those who are interested, I have spoken for the first time in nine years on this podcast.I want to say sorry to employees of Kingfisher Airlines and also to set the record straight with facts and the truth. https://t.co/aiAsnI68ie
— Vijay Mallya (@TheVijayMallya) June 5, 2025

From defending his past actions to challenging the public narrative around his fall, Mallya’s interview paints a complex picture of a businessman caught in the crossfire of failed policy, political pressure, and a powerful media narrative.

“RCB Wasn’t My First Choice”: Reveals Narrow Loss in Mumbai Indians Bid

Businessman Vijay Mallya revealed that in the early days of the Indian Premier League (IPL) and his strategic investment in the Royal Challengers Bangalore (RCB) franchise. Reflecting on how the IPL was pitched to him and the intense bidding that followed, Mallya shared how he narrowly missed acquiring the Mumbai Indians team—before going all in on RCB.

"I was very impressed with the pitch that Lalit Modi made to the BCCI committee about this league. He called me one day and said ok, teams are going to be auctioned. Are you going to buy it? So, I bid from three franchises, and I lost Mumbai by a very small amount of money."

Mallya, who remains a wanted fugitive in India, revealed in a podcast that he had bid for a total of three franchises, including the Mumbai Indians, a side that was eventually bought by Mukesh Ambani. After losing MI by the narrowest of margins, Mallya eventually bought RCB for a fee of 112 million US Dollars, which translated to 600-700 crore back in 2008.

"When I bid for the RCB franchise in 2008, I saw the IPL as a game-changer for Indian cricket. My vision was to create a team that embodied the spirit of Bangalore—vibrant, dynamic, glamorous. I paid $112 million, the second-highest bid, because I believed in the potential. I wanted RCB to be a brand that stood for excellence, not just on the field but off it too. That's why I tied it to Royal Challenge, one of our top-selling liquor brands, to give it that bold identity."

How did my good friend #vijaymallya buy @royalchallengers.bengaluru team in the @iplt20 I created. Hear from the man himself. He was the first person to support me making the #ipl blindly. Also was its biggest sponsor and has since day one been its most loyal ardent fan and… pic.twitter.com/Z7XInCSBrg
— Lalit Kumar Modi (@LalitKModi) June 5, 2025

“Never Did I Say I Didn’t Want to Pay”

Mallya was candid about his intent to settle the dues owed to banks. “It was always my intention to settle. Never did I say I didn’t want to pay,” he insisted. Speaking on the origins of the debt, he recounted offering a settlement to the chairperson of the State Bank of India (SBI) during a meeting at their training academy in Hyderabad.

“They wanted the Rs 14,000 crore which is why they didn’t accept,” Mallya said, suggesting that his settlement offer was denied due to unrealistic expectations.

His counsel had earlier told the Karnataka High Court that approximately Rs 6,200 crore had already been recovered, even though Union Finance Minister Nirmala Sitharaman had stated in Parliament that Rs 14,000 crore had been recovered.

“Koyi Chor Kabhi Apna Personal Guarantee Deta Hai Kya?”

On the podcast, Mallya spoke forcefully against the portrayal of him as a fugitive and a thief. “You talk about money siphoning, using Kingfisher money for my lifestyle, for Formula 1, but nobody talks about the money I infused in cash to keep it afloat,” he stated. According to Mallya, he pumped Rs 3,000 crore into Kingfisher Airlines through United Breweries Holdings Limited.

“I gave my personal guarantee, UB Group also did. Please never forget, I gave my personal guarantee… Koyi chor kabhi apna personal guarantee deta hai kya?” he asked rhetorically.

Backing his claims, Mallya referred to entrepreneur Kiran Mazumdar Shaw, who has publicly acknowledged that he put everything on the line for Kingfisher Airlines.

pic.twitter.com/40ktF8X6Be
— Vijay Mallya (@TheVijayMallya) June 5, 2025

A Complex Web of Loans

Responding to questions about the loan fiasco that eventually led to his downfall, Mallya provided a detailed explanation. “Kingfisher Airlines never borrowed any money from SBI. Just to set the record straight,” he claimed.

According to Mallya, the complexity arose after the merger of Kingfisher Airlines with Air Deccan in April 2008. While SBI had been a lender to Air Deccan, the merger made it a lender to the combined entity.

“The two different groups of banks that both the airlines had borrowed money from combined as one entity when the two merged,” he explained.

He added that support from then-Finance Minister Pranab Mukherjee played a key role in the approval of loans. “There were times when the support from the then FM meant that when I presented to various banks that the airlines needed money, including the SBI, they would recognise it, appraise them correctly through SBI Capital Markets, and sanction loans, even though the credit worthiness of the airlines was short of the norms.”

What Went Wrong with Kingfisher Airlines?

He launched the airline in 2005. It became popular immediately because of its luxurious in-flight experience. But Mallya did accept that the airline faced economic hardships that affected it severely in the subsequent years. “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.

But his suggestion to downsize was reportedly rejected. “I was told not to downsize. You continue, banks will support you. That is how it all started,” he added.

Eventually, the airline was forced to suspend all operations. The collapse of Kingfisher marked the beginning of a long legal and public relations battle for Mallya.

A Trail of Charges and a Life in Exile

Mallya is facing several charges in India: cheating, criminal conspiracy, money laundering, and diversion of funds. Many of his companies, notably Kingfisher Airlines and United Breweries (Holdings) Limited, have committed violations of corporate and financial mechanisms.

He has been living in the United Kingdom since March 2016 after departing from India, following the cancellation of his passport. “My freedom ended the day they took my passport,” Mallya said, claiming that the media and government narrative had already painted him guilty before trial.

A UK court approved his extradition in 2018, but Mallya continues to contest the decision, citing fears of media trial and unfair treatment.

“Where is the ‘Chori’?”

“Call me a fugitive for not going to India post-March (2016). I didn’t run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the ‘chor’ coming from… where is the ‘chori’?” he questioned.

He further added that the government had already recovered more than double the Rs 6,203 crore loan attributed to him. “If I defrauded the banks, how did the government recover so much?” he asked.

Mallya also presented documents from the official Debt Recovery Tribunal in Bengaluru to Shamani, asserting, “Vijay Mallya has not borrowed a single rupee from anybody ever. Kingfisher Airlines, the company, borrowed and I was the guarantor, there’s a big difference.”

The Liquor Baron and Politics

Operating in the liquor industry, Mallya described a challenging environment riddled with political dependencies. “I had to be in the good books of 29 chief ministers,” he said, referring to India’s state-level regulatory framework for alcohol.

He further alleged that political parties often sought campaign funds from the liquor industry. “Sometimes these aspirations were completely unreasonable and impractical,” he said, adding, “During elections, I would leave the country to avoid being accessible.”

On bribery in India, Mallya kept it diplomatic: “I’m not going to confirm or deny that… I think you know India as much as I know India.”

“No Ease of Doing Business in India”

Reflecting on the Indian business climate, Mallya said, “There is no ease of doing business in India. It’s in the Indian DNA. No matter what a state or federal government may say, there are bureaucratic and political hurdles all along the way.”

This frustration, he claimed, brought about the total demise of his businesses, especially Kingfisher Airlines, which had been very much dependent on government approvals and regulatory clarity.

Reclaiming the Narrative

Yet, the overarching theme of his podcast appearance was a desire to reclaim the narrative. “That is why I say I haven’t bothered about it in the last nine years because it is written by the Indian media, of course, prompted by the government who held their own press conferences, etc,” he said.

Whether Mallya’s version of events changes public perception remains uncertain. But one thing is clear: he’s no longer content watching silently from the sidelines.

A Late Apology Accompanied by Explanation and Defiance

Mallya expressed a willingness to return under certain conditions. “If I have a fair assurance of a fair trial and dignified existence in India, I will think about it (returning to India) seriously,” he stated, leaving open the door to reconciliation—albeit cautiously.

While Mallya firmly stood by his defense, he also extended an apology. “I apologise everyone for the failure of Kingfisher Airlines.” And accepting responsibility for the downfall of what was once a bold venture in Indian aviation. "But for those who care to listen, there was money lying in deposit with Karnataka High Court I specifically apply to court to pay the salaries of Kingfisher airline staff, the bank objected and the court refused. There was really nothing I could do beyond that." However, he stood firm in his defense against the more damning labels attached to him.

pic.twitter.com/aDQARjfhQq
— Vijay Mallya (@TheVijayMallya) June 5, 2025

Final Words: A Man Against the Narrative

In a country where the public memory often simplifies complex financial crimes into hashtags and slogans, Mallya’s appearance on Figuring Out serves as a rare opportunity to hear the other side. Whether or not one believes his version of events, it is clear that Mallya seeks more than redemption—he wants to reclaim control over a narrative that, in his words, has been written without him for the last nine years.

While his legal battles continue in foreign courts and the debate on his legacy rages on, this interview has undoubtedly stirred new conversations about finance, politics, and accountability in India.

As he put it plainly, “Let the narrative be whatever it is… That’s sad.”

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