Fraud is completely unacceptable: Nitin Gadkari clarifies on his remarks on Vijay Mallya

New Delhi, Dec 14: Union Minister Nitin Gadkari on Friday clarified his statement for saying fugitive businessman Vijay Mallya that it is unfair to dub him a fraud for committing a rare default.

Gadkari said,''There is a clear difference between business cycle downturns and financial fraud. My statement is about support during downturns to protect jobs. Fraud is completely unacceptable.''

Gadkari had earlier suggested that it is unfair to tag a "one-time loan defaulter Vijay Mallyaji" as a "chor" (thief), adding that the embattled businessman has a four-decade-long track record of timely debt servicing.

The minister's remarks were made at a forum in Mumbai as part of the Times Network India Economic Conclave.

Gadkari added that every business has risks and entails making mistakes. But if "the mistakes are bona fide", and if the problems are due to a global recession or internal issues or industry problems, the person should be helped.

Mallya's Kingfisher Airlines shut down in 2012 due to cash problems with more than Rs 8,000 crore of loans and other unpaid dues, leaving hundreds of employees jobless. He faces numerous court cases and investigations by the Central Bureau of Investigation and Enforcement Directorate. The fugitive businessman, who lost the extradition case on Monday, has time till the end of the month to appeal against the UK court order.