Fugitive businessman Vijay Mallya, who is being investigated for fraud and money-laundering on Wednesday said that he offered to to pay back the full amount of the principal loan he owed various banks.

In a series of tweets, Mallya said, "Airlines struggling financially partly becoz of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it (sic)."

Vijay Mallya, his now-defunct Kingfisher Airlines and others availed loans from various banks. The outstanding amount, including interest, is Rs. 9,990.07 crore, officials had said while filing the plea under the new law.

Urging banks to accept his offer, Mallya maintained that the huge loans he took from banks went into keeping his now-defunct Kingfisher Airlines afloat despite high jet fuel prices. Mallya also claimed that his vast liquor empire, the United Breweries, contributed “handsomely” to state exchequers.

Airlines struggling financially partly becoz of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went.I have offered to repay 100 % of the Principal amount to them. Please take it.

— Vijay Mallya (@TheVijayMallya) December 5, 2018

“Politicians and Media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don’t I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court. Sad (sic),” he said.

Mallya left India on March 2, 2016, and faces charges of defrauding banks to the tune of Rs 9,000 crore. He is currently in London where a court finished hearing on India's extradition case against him in September this year and is due to pronounce its verdict on December 10.