Banks consortium gets over Rs 792 crore in Vijay Mallya loan default case: ED

Last month too, the banks consortium had realised more than Rs 7,181 crore in the Mallya case after a similar sale of attached shares.

Published: 16th July 2021 04:51 PM  |   Last Updated: 17th July 2021 10:17 AM   |  A+A-

Embattled liquor tycoon Vijay Mallya

Embattled liquor tycoon Vijay Mallya (Photo | AP)

By Express News Service

NEW DELHI:  The consortium of banks led by State Bank of India (SBI) on Friday recovered Rs 792 crore from absconding businessman Vijay Mallya by selling shares of Kingfisher Airlines. The Enforcement Directorate, which had attached several assets and properties of Vijay Mallya, had handed over the shares to the consortium.

The ED, in a statement on Friday, said that the consortium has so far recovered Rs 7,181.50 crore by liquidating assets handed over to it by enforcement agency. On June 23 this year, the SBI-led consortium had realised Rs 5,824 crore by selling of Mallya’s shares in United Breweries to Heineken NV. Besides recoveries from Vijay Mallaya, the ED has also recovered money from fugitive businessmen Nirav Modi and Mehul Choksi.

Recently, Fugitive Economic Offense Court allowed banks to take control of assets worth Rs 1,060 crore in the PNB loan fraud case involving Nirav Modi. ED had also confiscated Rs 330 crore from the businessman who is lodged in UK jail.  On July 1, 2021, Purvi Modi, sister of Nirav Modi, had transferred Rs 17.25 crore from her foreign bank account to ED.

Earlier, ED has also handed over assets worth Rs 3,729 crore to the SBI-led consortium including shares of Rs 3,645 crore, demand draft of Rs 54.33 crore and immovable properties worth Rs 29.57 crore. According to the Enforcement Directorate, Vijay Mallya, Nirav Modi and Mehul Choksi together have defrauded public sector banks of Rs 22,586 crore. Till date, ED has transferred assets worth Rs 12,762.25 crore to the public sector banks and confiscated assets of Rs 329.67 crore.

As on date, assets worth 58% of the total loss to the banks have been either confiscated or handed over to banks. ED has, so far, attached/seized assets of Rs 18,217.27 crore under the provision of PMLA in cases involving the three businessmen.

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