The Enforcement Directorate (ED) has transferred assets worth Rs 9,371 crore of fraud-accused fugitive businessman Vijay Mallya, Nirav Modi, Mehul Choksi to public sector banks. As per the information received, the property of the three absconding accused will be compensated for the loss caused by their fraud.
The ED said, in the Vijay Mallya and PNB Bank fraud cases, 40 per cent of the amount of the banks was recovered through the sale of the shares seized under the PMLA.
The Enforcement Directorate said, “Under PMLA, in the case of Vijay Mallya, Nirav Modi and Mehul Choksi, not only assets worth Rs 18,170.02 crore (80.45% of the total loss caused to banks) have been attached, but a part of the seized assets worth Rs 9371.17 crore.” Also transferred to PSB and Central Govt.’
Citing the move, Finance Minister Nirmala Sitharaman, in a tweet, said, “Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.”
Vijay Mallya, Nirav Modi and Mehul Choksi – all facing extradition trials – 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.
Choksi and Modi are wanted in India for ₹13,500 crore bank fraud in Punjab National Bank. They had fled the country in the first week of January 2018, weeks before the PNB scam rocked the Indian banking industry.
The duo allegedly bribed officials of the state-run bank to get Letters of Undertaking (LoU) on the basis of which they availed loans from overseas banks that remained unpaid.
