NEW DELHI : The Enforcement Directorate (ED) on Friday informed that a consortium led by the State Bank of India (SBI) has recovered another Rs 792.11 crores by the sale of shares belonging to fugitive businessmen Vijay Mallya, Nirav Modi, and Mehul Choksi.
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 Rs 13,109.17 crores, according to an official statement.
While Mallya, the owner of the now-defunct Kingfisher Airlines, owes more than Rs 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 Rs 13,000 crores to the bank.
Earlier, the SBI-led consortium had realized Rs. 7181.50 crores by liquidating assets handed over to SBI led consortium by ED.
In addition, Rs 1,060 crores worth asset has been allowed to the banks by Fugitive Economic Offense Court in the PNB/ Nirav Modi case and Rs 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 Rs 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 Rs 3,728.64 crores to the SBI-led consortium including shares of Rs 3,644.74 crores, demand draft of Rs 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 Rs 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 Rs 18,170.02 crores, includes assets worth Rs 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. (AGENCY)
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