Rs 9371 crore of confiscated assets of Vijay Mallya, Nirav Modi and Mehul Choksi were given to banks: ED

 23 Jun 2021 ( IBTN Bureau )
POSTER

India's Directorate of Enforcement (ED) has transferred Rs 9371.17 crore out of the confiscated assets of absconding businessmen Vijay Mallya, Mehul Choksi and Nirav Modi to public sector banks.

Investigating agencies say that the banks have suffered huge losses due to the financial frauds of these businessmen. The ED has attached assets worth a total of Rs 18,170.02 crore of these businessmen.

The statement issued by the ED said, "The ED has not only attached assets worth Rs 18,170.02 crore but also given Rs 9371.17 crore under PMLA to public sector banks and the central government in Vijay Mallya, Nirav Modi and Mehul Choksi cases."

The ED says that the property of the three businessmen that has been seized is 80.45 percent of the losses of the banks.

India is trying to bring back three absconding businessmen from abroad. Vijay Mallya and Nirav Modi are in UK. In February 2021, Britain's Home Minister Priti Patel signed the order to send Nirav Modi to India.

Similarly, the legal process is going on in Britain to bring back Vijay Mallya. Vijay Mallya is accused of money laundering to the tune of Rs 9,000 crore.

 

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