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Cases against fugitives, economic offenders to be actively pursued: Sitharaman

Union Finance Minister Nirmala Sitharaman (Photo: ANI)Premium
Union Finance Minister Nirmala Sitharaman (Photo: ANI)

Fugitives, economic offenders will be actively pursued; their properties attached and dues recovered. PSBs have already recovered 1,357 cr by selling such shares. A total of 9,041.5 cr shall be realised by banks through the sale of such attached assets, FM Sitharaman said

NEW DELHI : Finance minister Nirmala Sitharaman today said Modi government will actively pursue cases against economic offenders to bring back defrauded money of the Indian banks.

The remark came soon after the Enforcement Directorate said the Debts Recovery Tribunal has sold shares worth over 5,800 crore of United Breweries Limited (UBL) that were earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against Vijay Mallya.

"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" Sitharaman tweeted.

The Enforcement Directorate 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 9371.17 Crore to the PSBs and the Central government

The Enforcement Directorate said the three accused defrauded public sector banks by siphoning off the funds through their companies which resulted in a total loss of 22,585.83 crore to the lenders.

The latest sale proceeds, as per the agency, would take the total value of recovery to 9,041.5 crore, or 40% of the over 22,000 crore allegedly defrauded by the trio.

The ED also said that it has unearthed a money trail of domestic and international transactions and stashing of assets abroad. The probe revealed that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, it said.

The three, who fled overseas as probes against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks. These frauds have been categorised as among the country's biggest criminal loan heists till date.

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