Vijay Mallya, Nirav Modi, and Mehul Choksi had allegedly defrauded various PSBs by siphoning off the funds through their companies, resulting in a total loss of Rs. 22,585.83 crore to the banks.
New Delhi: Seized assets worth Rs 9,371.17 crore from fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi have been transferred by the Enforcement Directorate (ED) to public sector banks that suffered losses due to financial frauds committed by the three men. So far the ED has seized assets worth Rs 18,170.02 crore from them.
Taking to Twitter, the ED on Wednesday tweeted, “ED not only attached/ seized assets worth of Rs. 18,170.02 crore (80.45% of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs. 9371.17 Crore to the PSBs and Central Government.”
In an elaborated press release, the ED further described, “As on date, out of the total seized assets of Rs. 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth Rs 329.67 crore were confiscated and assets worth Rs 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks.”
Vijay Mallya, Nirav Modi, and Mehul Choksi had allegedly defrauded various PSBs by siphoning off the funds through their companies, resulting in a total loss of Rs. 22,585.83 crore to the banks. ED’s investigation based on FIR by the Central Bureau of Investigation (CBI) once and for all proved that the three accused used dummy entities controlled by them, for rotation and siphoning off the funds provided by the banks.
The seized assets worth Rs. 18,170.02 crore, includes assets worth Rs. 969 crore located in foreign countries. Prosecution complaints, along with extradition requests to the United Kingdom (UK), Antigua, and Barbuda, have been filed against all the three accused after the completion of the PMLA investigation, the release informed.
ince, Vijay Mallya has been denied permission to file an appeal in the UK Supreme Court, his extradition to India has become final. Nirav Modi too will be extradited to India. According to the release, Nirav Modi has been in London jail for the last two years and three months on the basis of an extradition request by India.
Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by PMLA Court in Mumbai. The ED has recently transferred shares seized worth approximately Rs. 6,600 crore to State Bank of India (SBI) led consortium as per the order of PMLA Special Court, Mumbai. “Today, Debts Recovery Tribunal (DRT), on behalf of SBI led consortium, has sold shares of United Breweries Limited for Rs 5824.50 Crore,” the release said.
“Further realisation of Rs 800 Crore by the sale of shares is expected by 25th of June. It is pertinent to mention here that due to the cooperation and help extended by ED, Public Sector Banks have already recovered Rs 1357 Crore by selling the shares earlier. Thus, the banks shall be realising the total amount of Rs 9041.5 Crore through the sale of a part of assets attached/seized by ED under the provisions of PMLA,” the release added.
