Lalit Modi's Controversial Remarks Spark Apology: What He Really Meant

Lalit Modi Clarifies His Comments

London: Lalit Modi, the founder of the IPL, issued an apology on Monday after referring to himself and Vijay Mallya as India's two most notorious fugitives in a social media video. He stated that his comments were taken out of context.

The video, which has since been removed, featured Modi making light of their situations during Mallya's 70th birthday celebration in London.

In his apology posted on X, Modi expressed regret for any offense caused, particularly to the Indian Government, which he holds in high esteem.

He emphasized that his remarks were misinterpreted and not meant to be taken seriously, concluding with a heartfelt apology.

This apology follows India's commitment to repatriate economic fugitives, including both Modi and Mallya, to face legal proceedings.

Both individuals are embroiled in legal issues in India related to financial misconduct, which they have both denied.

Modi is wanted by Indian authorities for alleged money laundering and violations of the Foreign Exchange Management Act, 1999 (FEMA).

Mallya faces similar charges concerning fraud and money laundering linked to loans for the now-defunct Kingfisher Airlines.

Currently, Mallya is on bail in the UK and is resisting extradition while a confidential legal matter, likely related to an asylum request, is being addressed.

Earlier this year, a group of Indian banks, led by the State Bank of India (SBI), successfully upheld a bankruptcy order against Mallya in a London court, seeking repayment of approximately £1.05 billion owed by Kingfisher Airlines.

In October, it was reported that Mallya had withdrawn his application to annul the UK bankruptcy order, allowing the 'Trustee in Bankruptcy' to pursue his assets for the banks to recover the owed amount.