The Enforcement Directorate has transferred, attached and seized assets of over Rs 9,371 crore to Public Sector Banks (PSBs) who suffered a loss due to the bank fraud by Vijay Mallya, Nirav Modi and Mehul Choksi. The three have defrauded PSBs by siphoning off the funds through their companies, which resulted in a total loss of Rs 22,585 crore to the banks.
So far, the ED has attached assets worth over Rs 18,170 crore, which included assets worth Rs 969 crore in foreign countries. The quantum of the attached and seized assets represents 80.45 per cent of total bank loss.
Enforcement Directorate in a tweet said, “ED not only attached/ seized assets worth of Rs 18,170.02 crore (80.45% of a total loss to banks) in the 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.”
The investigation by the ED has proved that a substantial part of these assets was held in the names of dummy entities, trusts, third persons and relatives of these accused and these entities were proxy of these accused to hold these assets. Out of the total attached assets of Rs. 18,170 crore, over Rs. 329 crore have been confiscated and over Rs. 9,041 crore have been handed over to the banks.
Prosecution Complaints have been filed against all the three accused extradition requests have been sent to UK and Antigua and Barbuda. The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the United Kingdom (U.K.,) High Court. Since Mr. Mallya has been denied permission to file an appeal in the U.K., Supreme Court about his extradition to India has been a final decision. The Westminster Magistrates Court has ordered the extradition of Nirav Modi to India too recently.
Meanwhile, the Finance Minister of India Nirmala Sitharaman has said the fugitives and economic offenders would be actively pursued and their properties have been attached and dues recovered. In a tweet, she said, the Public Sector Banks have already recovered Rs 1,357 crore by selling shares. The Minister was reacting to ED’s action against fugitives Vijay Mallya, Nirav Modi and Mehul Choksi.
All the three are offenders and have v
