The extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans, hopes SBI. A court in the UK on Monday ordered Mallya’s extradition. Mallya is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI.
“It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can’t default and run away from the country,” SBI chairman told reporters here. The SBI chairman Rajnish Kumar hopes that Mallya’s extradition will have a deep impact on the overall lender and borrower relationship. SBI chairman thinks that Mallya’s extradition, the process to extradite Nirav Modi and Mehul Chowksi, wanted in the biggest-ever banking fraud of over Rs 13,000 crore at state-run Punjab National Bank, will also pick up the pace.
Vijay Mallya, former CEO of now defunct Kingfisher Airlines fled to the UK in March 2016. Mallya has been fighting a legal battle against his extradition to India, claiming that he has been falsely dubbed as a defaulter by politicians and media.
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