ED Transferred Attached Assets Worth Rs 8441.5 Crore to Public Sector Banks Who Suffered Losses Due to Bank Fraud by Vijay Mallya Nirav Modi and Mehul Choksi
(Judicial Quest News Network)
The Enforcement Directorate has seized assets worth Rs 18,170 crores in cases related to fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi. About half of it has been transferred to the banks and Centre.
The ED has said on Wednesday the not only the assets been seized but a significant share Rs.9,371.17 crore has been transferred to the public sector banks and the Central Government.
As sequel to FIR by CBI, the Directorate of Enforcement has taken swift action by unearthing myriad web of domestic and international transactions and stashing of assets abroad. Investigation has also irrevocably proved that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks. Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of Rs.
22,585.83 Crore to the banks.
During its investigation the ED, took steps to attach and seize assets worth Rs 18,170.02 crore which included assets of Rs 969 crore located in foreign countries.
Prosecution Complaints have been filed against all the three accused after completion of
PMLA investigation. Extradition requests have been sent for these persons to UK and Antigua and Barbuda. The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since, Vijay Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final.
The Westminster Magistrates Court has ordered extradition of Nirav Modi to India. It is pertinent to mention here that Nirav Modi has been in London Jail for last two years and three months on the basis of extradition request by India. Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by PMLA Court in Mumbai.
Recently, the ED has transferred shares attached by it (worth of Rs. 6,600 crore approx.) to SBI led consortium as per order of PMLA Special Court, Mumbai. Today, DRT on behalf of
SBI led consortium, has sold shares of United Breweries Limited for Rs 5824.50 Crore. Further realisation of Rs 800 Crore by sale of shares is expected by 25th of June. It is pertinent to mention here that due to the cooperation and help extended by ED, Public Sector Banks have already recovered Rs 1357 Crore by selling the shares earlier. Thus, the banks shall be realising total amount of Rs 9041.5 Crore through sale of a part of assets attached/seized by ED under the provisions of PMLA.
As on date, out of total attached/ seized assets of Rs. 18,170.02 crore under provisions of PMLA, assets worth of Rs 329.67 crore has been confiscated and assets worth Rs 9041.5 Crore, representing 40% of total loss to the bank have been handed over to the Public Sector banks.
