SBI-led team gets Rs 792 crore selling Kingfisher shares

The consortium had earlier realised Rs 7,181.50 crore by liquidating assets handed over to them by ED.

Published: 17th July 2021 04:54 AM  |   Last Updated: 17th July 2021 04:54 AM   |  A+A-

Vijay Mallya

By Express News Service

BENGALURU: The State Bank of India-led consortium has recovered another Rs 792.11 crore through the sale of shares in Kingfisher Airlines in the Vijay Mallya case, the Directorate of Enforcement (ED) stated in an official release on Friday.

According to the Central Revenue Intelligence and Enforcement Agency, these shares, which were earlier attached by ED under the Prevention of Money Laundering Act (PMLA), were handed over to the consortium. The consortium had earlier realised Rs 7,181.50 crore by liquidating assets handed over to them by ED.

“In addition, Rs 1,060 crore worth asset has been allowed to the banks by the Fugitive Economic Offence Court in the Punjab National Bank/ Nirav Modi case and Rs 329.67 crore has been confiscated by ED under provisions of Fugitive Economic Offences Act,” the agency stated.

Till date, ED has transferred assets worth Rs 12,762.25 crore to public sector banks and confiscated assets of Rs 329.67 crore. ED had also recovered Rs 17.25 crore from Nirav Modi’s sister, Purvi Modi. With this, ED claimed that the banks and the government exchequer have realised 58 per cent out of the total fraud perpetrated in two of the country’s biggest criminal bank loan heist cases till date.

A few days ago, ED further handed over assets worth Rs 3728.64 crore to the SBI-led consortium, which included shares of Rs. 3644.74 crore, demand draft of Rs 54.33 crore and immovable properties worth Rs 29.57 crore. Mallya, Nirav Modi and Mehul Choksi have defrauded public sector banks by siphoning off funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks.


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