Nirav Modi, Mehul Choksi and Vijay Mallya have defrauded PSBs by siphoning off the funds through their companies which resulted in total loss of ₹22,583.83 crore to the banks
As per the ED, 40% of the money lost by banks in alleged frauds perpetrated by fugitive businessmen has been recovered so far
The Enforcement Directorate (ED) on Friday informed that the SBI-led consortium received ₹5,824.5 crore from the sale of shares of United Breweries Limited. The sale had taken place on June 23, Wednesday.
Nirav Modi, Mehul Choksi, and Vijay Mallya have defrauded PSBs by siphoning off the funds through their companies which resulted in a total loss of ₹22,583.83 crore to the banks, the ED said.
As per the ED, 40% of the money lost by banks in alleged frauds perpetrated by fugitive businessmen has been recovered so far.
The ED said an estimated ₹13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about ₹9,000 crore Kingfisher Airlines fraud triggered by Mallya.
The banks have earlier "recovered" ₹1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said.
Another ₹1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said.
As on date, the ED said, assets worth ₹9,041.5 crore, "representing 40% of the total loss to the banks, have been handed over to public sector banks."
"Thus, the banks shall be realising the total amount of ₹9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said.
In addition, official sources said, ₹329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai.
The three, who fled overseas as a probe 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, and these frauds have been categorised as among the country's biggest criminal loan heist till date.
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