New Delhi: Facing a string of accusations ranging from money laundering to loan fraud, beleaguered industrialist Vijay Mallya today tendered his resignation as a member of the Rajya Sabha.

Mallya’s resignation follows a recommendation from the Ethics Committee of the Upper House on April 26 for the liquor baron’s expulsion. The recommendation came after the committee found Mallya had not declared changes in his assets and liabilities for ten years.

Mallya, who slipped to London as banks and courts turned the heat on him to recover the amount of over Rs 9,600 crore he owes to a consortium of 17 state-run banks led by the State Bank of India.

The Enforcement Directorate, which is investigating Mallya for alleged money laundering in a Rs 900 crore loan he secured from IDBI Bank, later moved the Ministry of External Affairs for bringing him back to India.

Acting on the advice of the ED, the MEA later revoked his diplomatic passport and also wrote to the UK High Commission in India asking them to deport Mallya.

In an interview to Financial Times, a UK-based financial daily, Mallya said he was in no hurry to return to India and that revoking his passport would not fetch the banks their money. He further said he was willing to negotiate with banks for a “reasonable settlement”.

The action against him by banks – of declaring him a wilful defaulter – was on account of the negative sentiment created against him by the media and politicians.