₹13,100 crore recovered from asset sale of Vijay Mallya, Nirav Modi, Mehul Choksi

  • The assets have been seized by the Central agency under the Prevention of Money Laundering Act (PMLA)

First Published16 Jul 2021
Fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.
Fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.(Twitter)

The Enforcement Directorate (ED) today said that a consortium led by the country's largest lender, State Bank of India (SBI) has recovered another 792.11 crore by the sale of shares belonging to fugitive businessmen Vijay Mallya, Nirav Modi, and Mehul Choksi.

The assets have been seized by the Central agency under the Prevention of Money Laundering Act (PMLA).

The realized was handed over by the ED to the consortium of banks. With this, the total recovery from the sale of assets of Mallya, Modi, and Choksi now stands at 13,109.17 crore, as per an official release.

While Mallya, the owner of the now-defunct Kingfisher Airlines, owes over 9,000 crore to a consortium of banks in principal and interest, diamantaires Modi and Choksi, who are the main accused in the Punjab National Bank (PNB) loan fraud case, have caused losses worth 13,000 crores to the bank.

Earlier, the SBI-led consortium had realized Rs. 7181.50 crore by liquidating assets handed over to SBI led consortium by ED.

In addition, 1,060 crores worth asset has been allowed to the banks by Fugitive Economic Offense Court in the PNB/ Nirav Modi case and 329.67 crores have been confiscated by ED under provisions of Fugitive Economic Offender Act. On July 1, 2021, Purvi Modi, who is the sister of Nirav Modi, has transferred 17.25 crores from proceeds of crime from her foreign bank account to ED.

A few days back, ED has further handed over assets worth 3,728.64 crores to the SBI-led consortium including shares of 3,644.74 crores, demand draft of 54.33 crores and immovable properties worth Rs. 29.57 crores.

Mallya, Modi, and Choksi had allegedly defrauded various Public Sector Banks (PSBs) by siphoning off the funds through their companies, resulting in a total loss of 22,585.83 crores to the banks, as per the release.

ED's investigation based on a First Information Report (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, it added.

The seized assets worth 18,170.02 crores, includes assets worth 969 crores 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 Prevention of Money Laundering Act investigation.

Case in the UK

The extradition of Mallya has been approved by the Westminster Magistrates Court and confirmed by the High Court in UK. Mallya has been denied permission to appeal in the UK Supreme Court.

The Westminster Magistrates Court has also ordered the extradition of Nirav Modi to India, while Choksi is facing extradition proceedings in Antigua. He had gone missing from Antigua on 23 May and was later found in Dominica.

With agency inputs

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