Did Vijay Mallya truly escape blame or is the ‘King of Good Times’ story built on half-truths? This video decodes the viral podcast by Raj Shamani. It sifts through unpaid salaries, jumbo loans and court documents to reveal what really went down. Stick till the end for sharp fact-checks, a quick timeline and the big lessons for India.
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LearningTranscript
00:00After nine years, Vijay Male suddenly comes and gives a four hour podcast
00:04It is written on the thumbnail in big bold letters
00:07I am not a thief
00:09Now what kind of logic is this?
00:17If a thief has committed a theft and the police has recovered all the stolen money
00:20So does this mean that the thief is not a thief?
00:23In this way every economic offender can say after his property is confiscated that my crimes have been forgiven
00:29Tamashakar Friends, 28 February 2016 Some top officials of State Bank of India meet Supreme Court lawyer Dushant Dave
00:38The issue of their meeting was Vijay Mallya
00:41The same Vijay Mallya who allegedly had a debt of about 9000 crores
00:47In this meeting, Dushan Dave directly tells SBI that he feels Vijay Mallya can flee from the country
00:54He advises that they should immediately go to the Supreme Court to stop them from doing this
00:59The next day, on 29th February, SBI officials were to meet Subhe Dushan Dave after which a petition was to be filed in the Supreme Court
01:07But SBI officials do not come to meet Dave
01:10It is only five days later, on March 5, that a petition is filed in the Supreme Court on behalf of SBI
01:16By that time it was too late
01:18Vijay Mallya had left the country on March 2 itself
01:229 years after this incident, now Vijay Malia does a podcast with YouTuber Rajshamani
01:31In this, he says that he did not flee the country
01:34Rather he went to Geneva after informing Finance Minister Arun Jaitley
01:38In this podcast which is more than four hours long, he defends the various allegations made against him.
01:49And they try their best to tell that it was not their fault, but
01:55In my opinion friends, on one hand this is a very good news for the YouTube community
02:05That so many high profile interviews are now being given to YouTubers instead of being given to Indian media
02:10This shows that everyone has lost trust in Indian media
02:14But on the other hand, there is a concern; a very important question here
02:18Have these podcasts now become just a means for people to love each other?
02:22Today Vijay is on a podcast with Malia Rajshamani
02:25Before this Lalit Modi was sitting
02:27She is on the other hand doing the Annai's Smita Pracast podcast
02:31With the CO of Byju's
02:32Another man who has allegations
02:34Fraud of thousands of crores of rupees
02:36All these are the people who have been accused of committing fraud worth thousands of crores
02:40Ask yourself this question
02:42What is the reason that these people prefer to go to podcasts?
02:45Instead of giving interview to actual journalist
02:48Well, since Vijay has come to Mallya, this question arises
02:50whether he is truly a victim
02:52is the victim of a conspiracy
02:53Or their crimes are being white washed here
02:57I watched the whole podcast and have been following this cause for a long time
03:00Based on the latest reports, facts and Vijay Malia's own answers
03:04Let's try to find out, what is actually the truth here
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04:09Let us come to our topic
04:11The first allegation is on Vijay Mallya
04:13Not paying salary to the employees of your Kingfisher Airlines
04:17This happened around mid-2012 when airline employees stopped receiving their salaries.
04:21The airlines had stopped all their flights from 20 October 2012
04:25And on 31 December 2012
04:28DGCA had formally cancelled the license of this airline
04:31Saw this news from January 2013
04:39The employees had already completed 8 months
04:41He had not received his salary for the past 8 months while working.
04:44Now in this podcast from 2025, Malia says
04:47That he cares a lot about his employees
04:55He tried his best to pay salaries
04:58But the High Court of Karnat had seized his funds.
05:02And because of that those salaries can never be paid
05:05Actually in the entire podcast, whenever the topic of paying salaries comes up
05:20Time and again Mallya uses the same argument of high court
05:24But there are two things here which are not clearly clarified
05:39Firstly, the Karnat High Court had actually seized some funds of Kingfisher Airlines in 2013.
05:45Whereas employees had stopped receiving salary since mid-2012
05:48So is it right to put the blame of not being able to pay salary on the High Court?
05:52Second in 2013 when Malia filed a petition in front of the High Court
05:56That they want to pay salary to their employees, so in that petition only one month's salary was talked about
06:03It was said that only Rs 13 crore would be released
06:05not the entire pending salary
06:07It is true that the High Court rejected his petition.
06:10But even if it had been accepted, the employees would have received only one month's salary.
06:15Whereas in reality I was taking away their salary of 8-8 months.
06:19In total, salaries of around 3,000 employees of the company amounting to Rs 300 crore have not been paid.
06:24has not been paid till date
06:26Many of these employees have pending salary of Rs 25 to 50 lakh
06:40Here's what pissed people off, that in your private life you were enjoying
06:43If your suggestion is that I should have laid low in some artificial way
06:48Forget the shareholders of all the other businesses, United Spirits, United Breweries, MCF
06:55My only asset and liability in life was Kingfisher allies
07:04I had nothing else
07:06That's the way I should have behaved, right?
07:08So sadly if one company fails, is it your suggestion that the whole group must fail?
07:13Now on one hand, the salaries of the employees were not being paid here
07:16And on the other hand Vijay Mallya was throwing big luxurious, lavish parties
07:21In December 2015, on her 60th birthday, Malia hosted a big party in Goa.
07:25that lasted for two days
07:27Around 200 guests came and stayed at Taj Hotel
07:30People like Spanish pop star Enrique Iglesias and Sonu Nigam were invited and they gave special performances.
07:36And according to a report by Forbes, about 13 crore rupees were spent on this party.
07:41So it is obvious that a billionaire can spend 13 crore rupees on one of his parties.
07:46Why can't he pay Rs 300 crore to his Kingfisher Airlines employees?
07:50Actually when the party was asked about this, Vijay Mallya did not find anything wrong in what he did
07:55I paid for it myself
07:57Kingfisher Airlines was in no position to pay
07:59But okay maybe it was a mistake
08:01I should have probably come here to London and had my party and nobody would have known
08:05Broadly his argument was that I am a big businessman.
08:09I have 2-3 more successful companies
08:11What happens if a company fails?
08:12If the employees of this company are not getting salary
08:15So the company has failed, that is why you are not getting it
08:17But I am a successful businessman.
08:19I can do these parties
08:20No matter how much money I spend
08:21Because I had that and other company
08:23The then RBI governor Raghuram Rajan also commented on this situation
08:27he had said
08:28When you owe a lot of money
08:30Then if you want to spend your birthday parties in this way only
08:33So this will make people think that you don't care
08:37And stop giving salary
08:38The tax that was being deducted from the salary of Kingfisher Airlines employees
08:41It was not even being deposited with the income tax department
08:45Whereas according to the law, this tax has to be deposited within seven days.
08:49Due to this, employees started receiving notices from the income tax department.
08:53And tell me more, Vijay Mallya says that he takes great care of his employees
08:57I was proud of the care that I gave to my employees
08:59Why would it be different for Kingfisher employees?
09:02Another big claim made by Malia in the podcast was that she herself did not borrow a single penny
09:07Only Kingfisher Airlines borrowed the money
09:10Now this claim is technically correct, but it is only half true
09:23Mallya might not have taken the loan herself
09:26But Mallya was the personal guarantor in whatever loan Kingfisher Airlines had taken
09:31And the guarantor is legally bound to repay the loan
09:34Not only the Indian courts but also the UK courts have said this
09:37That it is Mallya's legal responsibility to repay the loan of Kingfisher Airlines
09:42While defending herself, Malia even says this in the podcast
09:45That this whole matter was about not repaying the loan
09:48And there is no other criminal allegation against him.
09:51The answer is yes if you ask ED.
09:57Mallya also says that there are no other allegations against him
10:00of siphoning off money
10:01this is also a lie
10:06ED has registered a case against Mallya under the Prevention of Money Laundering Act.
10:10money laundering is a criminal offense
10:12According to ED, Kingfisher Airlines had deducted Rs 10 lakh from the loan amount.
10:153547 crore rupees transferred for other works
10:19which comes under the purview of money laundering
10:21Showing higher lease of planes between April 2008 and March 2012
10:26Money laundering of Rs 3432 crores was done
10:30Apart from this, Rs 45.42 crore was received from SBI and PNB.
10:34The lease on a corporate jet is paid
10:36which Malia and her family
10:38Used as a personal jet
10:40Malia actually answered this question too
10:42podcast
10:43This means misusing the private jet.
10:59do not deny
11:00just divert the topic
11:01By indirectly saying that look Ambani and Vabani also do this
11:04In the name of paying fuel, airport charges, hotels and rebel operating expenses
11:0850.90 crore rupees in UK
11:11Malia diverted formula 1 team force India
11:14The list of these money laundering charges is very long.
11:24goes on moving
11:25In 2008, Rs 15.9 crore was taken from SBI loan
11:28IPL team Royal Challengers Bangalore from multiple accounts
11:32got lost and diverted
11:34Because SBI refused to do so
11:37Malia said about this in the podcast
11:38that this money was to be spent by the Empire on Jersey
11:40This was given to RCB as fee for Kingfisher ads
11:44But if these were advertising fees
11:46So SBI stopped it from being transferred
11:48Why was it refused
11:49Another allegation against Mallya is that he
11:51Before applying, inform the IDBI officials
11:54had prepared to pass the loan
11:56Even after the negative net worth and low credit rating of Kingfisher Airlines
12:00The bank officials approved this loan
12:02Approved without collateral
12:04This can be done while taking a loan from IDBI bank on airlines.
12:07There was also an accusation of showing over valuation
12:09He started the bank as a consultancy firm
12:11Gave a report from Grand Thornton
12:13In which the brand valuation of the airline
12:15It was said to be Rs 3,406 crore
12:18But this valuation was based on future revenue projection
12:21And Kingfisher Airlines did not tell this to IDBI bank
12:25Something similar was done while giving corporate guarantee
12:28In November 2008, Malia's United Breuries Holding
12:31When becoming a corporate guarantor for Kingfisher Airlines
12:34He declared his value as 6,036 crore rupees
12:37Whereas till March 31, the net worth of the company was only Rs 505 crore
12:42And listen, Malia has also been accused of hiding property abroad
12:46According to a chart sheet of ED, when the loans of Kingfisher Airlines were restructured in 2010
12:51Then Vijay Malia under-declared his assets while giving personal guarantee for loans
12:56According to ED, till this time, he had assets worth Rs 3,164 crores
13:01But he told the banks that his assets were only Rs 1,395 crore
13:06According to ED, Malia has many properties in UK, US and other countries
13:10About which he did not tell the banks even after knowing
13:13Apart from this, Kingfisher Airlines allegedly committed another fraud.
13:16Between 2012 and 2015, they collected service tax of more than 100 crore rupees from passengers
13:22But this was not submitted to the tax department
13:25Even after so many allegations it is a matter of great surprise that
13:28Vijay Malia says in podcast that there is no criminal allegation against him
13:33Malia also said at one place that being a willful defaulter is not a crime
13:36Willful defaulter is a person who can pay and who doesn't pay.
13:41Is that a crime?
13:41A willful defaulter is one who has money but still does not repay the loan
13:46If this is not theft from the bank then what is it?
13:48Or if robbery is done by simply breaking the wall of the bank branch, only then it will be called theft
13:53The next big claim Mallya makes in Podkas is that he owes banks a sum of Rs 6,203 crore
14:01Not Rs 9,000 crore as claimed in media reports
14:04And they say that two times more i.e. Rs 14,000 crores has already been recovered.
14:09For this, Mallya showed a 2017 order of the Debt Recovery Tribunal of Bengaluru
14:14In which the amount of 6,203 crore rupees has been written
14:17Here Mallya shows this amount as if it is the total debt for 2017
14:22Rajshamani himself also sees this document
14:40So now everyone can go and see this document themselves
14:47It is written in 2017 but look what else is written
14:50That means the amount does not end at Rs 6,000 crores.
15:08It is written in it that all the years that have passed after 2013
15:11Apply interest of 11.5% on this Rs. 6,000 crores
15:15And this must be the reason why the figures of Rs 9,000 crore and Rs 14,000 crore were being quoted in the media.
15:20However, exactly how this number came into being is still not clear as the banks have not provided a statement on the code.
15:26So clarification on this matter actually needs to be given to the banks but most likely Mallya's claim that the loan is only Rs 6,000 crore is wrong
15:33In the podcast, Mallya also claims that she offered to settle the matter with the banks four times between 2012 and 2015 but they did not accept it.
15:42Now it is actually very difficult to believe this thing because from 2012 to 2015 our team tried to collect all the news articles.
15:56But there is no evidence that Vijay Mallya offered any settlement during this time period.
16:01In the podcast, when Vijay Mallya is asked whether he has any proof that he had offered settlement during this time period, he says that the proof is in the records of the Supreme Court.
16:10So here I would like to say to Vijay Mallya, please make these evidences and these Supreme Court records public.
16:25At another point in the interview, Mallya says that he had given four settlement offers around 2016
16:30So this is true but their first offer in 2016 was only for Rs 4000 crore
16:35And he had given this offer only when he had left the country and Media had already declared him a fugitive
16:41Here is a very big article written by Giri Prakash ji which I would like to suggest to you
16:46This is a veteran journalist who wrote the book The Vijay Malia Story
16:50In this article, he has also fact checked many other claims of Vijay Mallya.
16:54in the link description
16:55A question that also arises here is whether Malia himself was not personally bankrupt till 2016
17:00So why were they offering a settlement?
17:02Why were you not returning the full money?
17:04Only after fleeing the country did he offer to pay the entire money unconditionally
17:09In May 2020, during the COVID pandemic, he said that he is ready to repay 100% of the loan without any conditions
17:16Now the whole podcast was somehow trying to prove that I am not a thief
17:21Vijay Mallya is not a thief
17:23Malia says that if they are thieves then how did the banks manage to recover the money
17:28Now what kind of logic is this
17:45If a thief has committed a theft and the police has recovered all the stolen money
17:49So does this mean that the thief is not a thief?
17:51Many people made fun of this thing on social media.
17:54that it is written on the thumbnail
17:55If you did a podcast like this with Volder Mort, it would be written on the thumbnail
18:01The thing to note here is that
18:05Malia did not give the money willingly
18:07Money has been forcibly recovered from them
18:10If the banks have recovered the money
18:12or have assets frozen
18:13So this does not reduce fraud or crime
18:15In this way every economic offender can say after his property is confiscated that my crimes have been forgiven.
18:21Another interesting claim made by Mallya in the podcast is that after the economic recession of 2008, he went to meet finance minister Pranab Mukharji.
18:30He says that he wants to downsize Kingfisher and will have to lay off people
18:34But Pranav Mukharji said that right now connectivity and jobs are important and you should not downsize, banks will support you.
18:41Now the first thing is whether this thing actually happened or not, we do not know because Pranav Mukharji is no longer in this world to defend himself.
19:03But the second thing is that the government can give advice on how a businessman is running his private company, but the government cannot control or force any businessman.
19:13If Vijay Mallya wanted to downsize, then ultimately the decision was his. What kind of logic is this that you should blame the government for your failures and put the blame on the government's recommendation?
19:24I have seen this thing many times in such corporate billionaires that whenever they are successful, they will always give credit to themselves, that look how successful I am, I have taken this business from where to where, but whenever any of their businesses fails, they always put the blame on others.
19:54Vijay Mallya says that the media has made him a villain, this is true to some extent, there are many such businessmen in the country, who did not return the money of the banks and later settled them for very less money, but the way Vijay Mallya is ruling over the imagination of the people,
20:24He was made the poster boy, but the question is why only he was made the poster boy, the answer to this is hidden in Mallya's own works, when your employees are craving for salaries and a celebration worth crores is being held on your 60th birthday, when you
20:54Then you yourself become the face of financial crimes and moral bankruptcy. So friends, you saw in what different ways Vijay Mallya tried to defend himself but none of his claims mean that Vijay Mallya is innocent.
21:24Vijay Mallya is still avoiding to answer all these allegations, ideally these answers should be given in the quote, but since Vijay Mallya has become so open to podcasting these days, I would like to suggest him to do his next interview, his next podcast with an experienced journalist.
21:54You can do your interviews with any of these on YouTube itself, there is no need to go to TV channels, but it is very important to answer these questions
22:02Don't forget here, Dhruvarati Academy is running flat 50% off, an open court summer 50 courses for any course you are interested in, link is given below, a great opportunity to learn different life skills
22:15If you liked this video friends then you should definitely watch this video too, where I have talked about the story of Ambani brothers, there are many such secrets about which not much public knows, you can watch by clicking here, thank you very much