Mallya | Choksi | Nirav ED transfers part of seized assets of Vijay Mallya, Nirav Modi, Mehul Choksi to banks
New Delhi/IBNS: In a big breakthrough in recovering the amount of money allegedly defrauded, a part of seized assets of three fugitive businessmen, Vijay Mallya, Nirav Modi and Mehul Choksi, has been transferred to state-run banks by the Enforcement Directorate (ED).
Assets worth Rs. 9,371 belonging to all three have been transferred by the ED to the banks.
"As on date, out of the total seized assets of ₹ 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth of ₹ 329.67 crore were confiscated and assets worth ₹ 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks," the ED said on Wednesday.
As the recovery of the amount is a big shot in the arm of the Modi government which stresses on its anti-corruption agenda, Union Finance Minister Nirmala Sitharaman on Wednesday said "fugitives and economic offenders" will be strongly dealt with.
She tweeted, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. #PSBs have already recovered ₹1357 Cr by selling such shares. A total of ₹9041.5 Cr shall be realised by banks through sale of such attached assets."
Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.#PSBs have already recovered ₹1357 Cr by selling such shares.
— Nirmala Sitharaman (@nsitharaman) June 23, 2021
A total of ₹9041.5 Cr shall be realised by banks through sale of such attached assets.https://t.co/e6F7n8drdl https://t.co/Jw96WlfjHX
Mallaya, who owned the now-defunct Kingfisher Airlines, has been accused of committing fraud and laundering nearly Rs 9,000 crore, which he took in loans from different PSU banks, with no intention to return.
Nirav Modi and his uncle Mehul Choksi are the prime accused in the Rs 13,600-crore Punjab National Bank scam involving fake guarantees in the name of the state-run lender to secure loans overseas.
Modi and his uncle Choksi left the country in 2018 before the CBI registered a case against him.
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