Govt agencies, banks can drive anyone to despair, tweets Vijay Mallya on CCD founder VG Siddhartha

VG Siddhartha went missing between 6 pm to 8 pm on Monday night. On Wednesday early morning his body was found floating over the water of Netravati river.

New Delhi: Fugitive businessman Vijay Mallya on Wednesday tweeted that government agencies and banks can drive anyone to despair, following news reports that Cafe Coffee Day founder VG Siddhartha was missing since Monday.

Mallya tweeted, “I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting.”

Mallya also blamed the government and banks for obstructing his efforts to repay the debt whilst competing for his assets.

“In Western Countries, Government and Banks help borrowers repay their debts. In my case they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted,” he tweeted.

Siddhartha went missing between 6 pm to 8 pm on Monday night. However, on Wednesday early morning his body was found floating over the water of Netravati river.

He had alleged harassment by the Income Tax department over filing of returns as well as coercive blocking of Mindtree deal and then taking possession of CCD shares.

Siddhartha had been selling assets in the recent past in order to cut debt. In May, he exited from his 20.32 percent holding in Mindtree by selling the entire stake to construction major Larsen and Toubro through a block deal worth around Rs 3,200 crore.

As on March 2019, Coffee Day Enterprises, the holding firm of CCD, had a total debt of around Rs 6,550 crore while its logistics arm, Sical has Rs 1,113 crore debt.

Mallya had fled India in March 2016. In January this year, Mallya, had become the first businessman to be declared an FEO under the provisions of the new Fugitive Economic Offenders Act which came into existence in August 2018.

In June 2019, the Royal Courts of Justice, London, approved Mallya's plea to appeal against the extradition case. The appeal plea was filed by Mallya in April.

He remains on bail on an extradition warrant which was executed by Scotland Yard in April 2017. In 1992, an Extradition Treaty was signed by India and the UK and the treaty has been in force since November 1993.