Attached assets worth Rs 8442 crore of Mallya, Choksi and Nirav Modi transferred to PSU banks: ED
NEW DELHI: The Enforcement Directorate said it has transferred attached assets worth Rs 8,441.5 crore to Public Sector Banks who suffered losses due to the frauds committed by Vijay Mallya, Nirav Modi and Mehul Choksi.
An ED statement on Wednesday said Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies, which resulted in a total loss of Rs 22,586 crore to the banks.
The ED has transferred shares attached by it (worth Rs 6,600 crore) to a State Bank of India-led consortium as per the order of the PMLA (Prevention of Money Laundering Act) Special Court, Mumbai.
The Debt Recovery Tribunal on behalf of an SBI-led consortium has sold shares of United Breweries Limited for Rs 5824.50 crore. A further realisation of Rs 800 crore by sale of shares is expected by June 25. Public Sector Banks have already recovered Rs 1357 crore by selling the shares earlier.
As on date, out of the total attached/ seized assets of Rs 18,170.02 crore under provisions of PMLA, assets worth Rs 330 crore has been confiscated and assets worth Rs 9042 crore, representing 40% of the total loss to the bank, have been handed over to the Public Sector banks.
The Enforcement Directorate acting on the FIRs by the Central Bureau of Investigation (CBI) has acted on these cases and detected a number of domestic and international transactions, and assets stashed abroad.
Investigation by the ED has shown that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.
The probe agency has so far attached/seized assets worth Rs 18170.02 crore in cases involving these three persons. The quantum of the attached and seized assets represents 80.45% of the total bank loss of Rs 22585.83 crore.
The attached assets include assets worth Rs 969 crore located in foreign countries.
According to the statement by the ED, it has also filed prosecution complaints against all the three accused after completion of the money-laundering investigation.
Extradition requests have been sent for these persons to UK and Antigua and Barbuda.
The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since Vijay Mallya has been denied permission to file an appeal in the UK Supreme Court, his extradition to India has become final.
The Westminster Magistrate's Court has ordered the extradition of Nirav Modi to India.
Nirav Modi has been in London Jail for the last two years and three months on the basis of extradition request by India. Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by PMLA Court in Mumbai.