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Vijay Mallya has denied that he fled India leaving behind $1.3bn of unpaid loans, after Indian authorities this week charged the billionaire industrialist with criminal conspiracy, dishonesty and corruption in an effort to secure his extradition from the UK.

In a series of tweets late on Thursday night, Mr Mallya said that there was “no final judicial determination on what Kingfisher Airlines owes to banks and what I may owe in my personal capacity after trial”.

“Yet it is reported that I have fled or run away owing money to banks that I never even borrowed in the first place.”

India’s Central Bureau of Investigation on Tuesday filed charges against Mr Mallya, his now defunct Kingfisher Airlines, and nine other executives and bankers, alleging he dishonestly induced the delivery of property and illegally obtained pecuniary advantage — charges that can carry a sentence of up to seven years in prison.

The next day, the Securities and Exchange Board of India, India’s market regulator, barred Mr Mallya and six others from the stock market for allegedly diverting funds out of United Spirits, the liquor company he ran until last year.

Mr Mallya’s case is at the heart of a public controversy in India about the lifestyles enjoyed by big businesspeople. As an investigation by the authorities intensified last year, the tycoon left the country for the UK, where he has been since.

The charges come ahead of state assembly elections and are likely to be seen as an attempt to lessen public criticism of the ruling Bharatiya Janata party for not prosecuting the billionaire Mr Mallya.

Mr Mallya hit out at SEBI over its claims: “Allegations of fund diversion out of United Spirits are baseless. United Spirits accounts were approved by top auditors, an eminent Board of Directors and shareholders,” he said on Twitter.