Vijay Mallya broke his silence only because of that right!

New Delhi, June 28: As we know that, Liquor Baron Vijay Mallya has cheated the banks worth Rs. 9000 crore. The Indian Agencies have tried their best to bring him back.

Recently, he has expressed disappointment by saying "poster boy of bank default" in his twitter handle two days ago.

The liquor baron has filed an application with the Karnataka High Court offering to sell assets – a significant portion of which have been frozen – in an effort to settle with creditors.

The liquor baron’s hand seemed to have been forced by a couple of legal setbacks. Last week, the enforcement directorate moved an application with a special court seeking to declare Mallya a fugitive economic offender under a new law.

In his statement to the media, Mallya said that he had previously offered to settle with banks but they had rejected the offer. Since Tuesday, he has taken to the micro-blogging site to make public a letter written to the prime minister and finance minister in 2016 and offer to sell assets worth Rs 13,900 crore in order to repay debt.

Mallya might be feared of strict amendments of laws for fraud and money laundering. But so far, they have only been accusations and chargesheets that have been filed by the investigative agencies. Mallya is well within his rights to plead not guilty. This is an area where the courts should rule.

The point, however, is that with all these accusations, settlement or closure is not restricted to a financial transaction anymore.

As Zulfiqar Memon, founder of MLM Legal and a specialist in white-collar crime, puts it: "A person accused of financial embezzlement, fraud and money laundering cannot be let go scot-free merely by offering a financial settlement. Aspects of criminality and violation of the Indian Penal Code / PMLA will have to be taken into consideration and cannot be avoided."