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ED transfers Rs 9,371 cr Mallya, Nirav, Choksi assets to banks

News Agencies

New Delhi: The Enforcement Directorate (ED) on Tuesday transferred the part of assets worth Rs 8,441 crore, to the state-run banks, which has been seized by the federal agency in connection with cases related to fugitive economic offenders — Vijay Mallya, Nirav Modi and Mehul Choksi.

On Wednesday, the federal agency revealed that the three offenders have defrauded the public sector banks of Rs 22,586 crore, out of which 80 per cent (Rs 18,170 crore) has been attached/seized by the ED.

The total transfer of the attached assets including the latest ones stood at Rs 9,371 crore. This amounts to 40 per cent of the banks’ losses, the agency said.

These also include latest attachment of assets worth Rs 329 crore that were confiscated, the agency further said.

Responding to the action, the Finance Minister Nirmala Sitharaman said on Twitter, “Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.”

She further posted, “PSBs have already recovered Rs 1357 crore by selling such shares. A total of Rs 9041 crore shall be realised by banks through sale of such attached assets.”

According to the federal agency, it unearthed the money trail by exposing a web of domestic and international transactions and unearthing assets stashed abroad. The investigation revealed that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, it said.

The agency also said that extradition requests have been sent to countries where the three accused are living.

Mallya and Modi live in London, while Choksi fled to Antigua.

Mallya has been denied permission to file appeal in the UK Supreme Court, which has made his extradition to India almost final. Nirav Modi’s extradition to India is in its last leg. Choksi has been contesting a legal battle in Antigua against his extradition process.

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