Vijay Mallya, Nirav Modi, and Mehul Choksi had allegedly defrauded various PSBs by siphoning off the funds through their companies
New Delhi: The Enforcement Directorate (ED) on Wednesday transferred seized assets worth Rs 9,371.17 crore in the cases related to Vijay Mallya, Nirav Modi, and Mehul Choksi, to Public Sector Banks (PSBs) and Central Government.
Assets worth Rs 18,170.02 crore have so far been seized by the ED.
"Enforcement Directorate (ED) not only seized assets worth Rs 18,170.02 crore (80.45% of the total loss to banks) in the case of Vijay Mallya, Nirav Modi, and Mehul Choksi under PMLA but also transferred a part of attached/ seized assets of Rs 9371.17 crore to the PSBs and Central Govt," ED informed in a tweet.
The ED, in a press release elaborated, "As on date, out of the total seized assets of Rs. 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth of Rs 329.67 crore were confiscated and assets worth Rs 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks."
Vijay Mallya, Nirav Modi, and Mehul Choksi had allegedly defrauded various PSBs by siphoning off the funds through their companies, resulting in a total loss of Rs. 22,585.83 crore to the banks.
ED's investigation based on 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.
The seized assets worth Rs. 18,170.02 crore, includes assets worth Rs. 969 crore 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 PMLA investigation, the release informed.
Since, Vijay Mallya has been denied permission to file an appeal in the UK Supreme Court, his extradition to India has become final. Nirav Modi too will be extradited to India.
According to the release, Nirav Modi has been in London jail for the last two years and three months on the basis of an extradition request by India.
Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by PMLA Court in Mumbai.
The ED has recently transferred shares seized worth approximately Rs. 6,600 crore to State Bank of India (SBI) led consortium as per the order of PMLA Special Court, Mumbai. "Today, Debts Recovery Tribunal (DRT), on behalf of SBI led consortium, has sold shares of United Breweries Limited for Rs 5824.50 Crore," the release said.
"Further realisation of Rs 800 Crore by the 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 the total amount of Rs 9041.5 Crore through the sale of a part of assets attached/seized by ED under the provisions of PMLA," the release added.