Defending himself in loan repayment issues, liquor tycoon Vijay Mallya on Saturday said that Kingfisher Airlines (KFA) collapsed due to bad government policies and higher oil prices.

“KFA collapsed with oil at $140 per barrel and State sales tax on top Rupee devaluation No FDI Engine failures,” Vijay Mallya tweeted, adding, “KFA being the largest domestic Airline was the worst hit. Government bailed out Air India but did not bail out KFA. So much for favours".

Talking about loans, Mallya clarified that he “begged for help. Not for loans”.

Meanwhile slamming the media, Mallya asked, “Before slamming me ask CBI and SEBI some tough questions on what proof or evidence they have to allege fraud”.

“You (media) are distorting facts for sensationalism. Do your own due diligence. Why don't CBI say what UB invested into KFA?” he added.

“TV anchors in India have become vociferous Public Prosecutors influencing public opinion. I only hope that our esteemed judiciary rise above,” Mallya said.

"Loot"…"Gate" etc etc… such innovative headlines to describe me without Judicial determination?? Fair and unbiased reporting?" he questioned.

In a recent move, the Securities and Exchange Board of India (Sebi) on Wednesday barred Mallya and six others from trading in the securities market.