Big Breaking! ED transfers 40 % of assets from Vijay Mallya, Nirav Modi, Mehul Choksi
23 Jun 2021 14:09:06
New Delhi, June 23: Enforcement Directorate's major crackdown on the fugitives as after the seizing the assets worth 18,170.02 crores in the cases related to Vijay Mallya, Nirav Modi, and Mehul Choks, ED now has transferred 40 % attached assets to Public Sector Banks (PSBs) and Central Government.
ED has issued the press released and informed that the assets worth ₹9,371 crores have been transferred to the bank. These include assets worth ₹329.67 crores that were confiscated, the agency further said. The assets were seized under the Prevention of Money Laundering Act.
ED has seized Rs 18,170.02 included assets worth Rs. 969 crore located in foreign countries. The quantum of the attached and seized assets represents 80.45% of the total bank loss of Rs. 22,585.83 Crore.
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 Rs 329.67 crore were confiscated, and assets worth Rs 9041.5 crore, representing 40 percent of the total loss to the bank have been handed over to the Public Sector banks."
As a sequel to FIR by CBI, the Directorate of Enforcement has taken swift action by unearthing myriad web of domestic and international transactions and stashing assets 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.
Apart from it the agency also said that extradition requests have been sent to countries where the three accused are living.
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.
It should be noted that Mallya is accused of defrauding a consortium of banks of over ₹9,000 crores involving his defunct Kingfisher Airlines, both Modi and his uncle Choksi are wanted in the Punjab National Bank (PNB) fraud worth ₹14,500 crores.