Mallya, Choksi & Modi's assets worth Rs 8442cr transferred to PSU

The Enforcement Directorate announced that it has handed attached assets worth Rs 8,441.5 crore to Public Sector Banks that have suffered losses as a result of Vijay Mallya, Nirav Modi, and Mehul Choksi’s crimes.According to an ED statement released on Wednesday, Vijay Mallya, Nirav Modi, and Mehul Choksi robbed Public Sector Banks by syphoning off funds through their firms, causing the banks to lose a total of Rs 22,586 crore.

According to the ruling of the PMLA (Prevention of Money Laundering Act) Special Court in Mumbai, the ED has transferred shares attached to it (value Rs 6,600 crore) to a State Bank of India-led consortium. United Breweries Limited shares were auctioned for Rs 5824.50 crore by the Debt Recovery Tribunal on behalf of an SBI-led consortium. By June 25, a further Rs 800 crore is estimated to be realised through the selling of shares. By selling the shares sooner, Public Sector Banks were able to recoup Rs 1357 crore.

As of now, out of the total attached/seized assets of Rs 18,170.02 crore, assets worth Rs 330 crore have been confiscated, and assets worth Rs 9042 crore have been handed over to Public Sector banks, accounting for 40% of the total loss to the bank. These cases were investigated by the Enforcement Directorate, which acted on FIRs filed by the Central Bureau of Investigation (CBI) and discovered a variety of domestic and international transactions as well as assets stashed abroad.

The ED’s investigation revealed that the three accused defendants used fake firms owned by them to rotate and syphon off cash from banks.In instances involving these three people, the investigative agency has so far attached/seized assets totalling Rs 18170.02 crore. The attached and confiscated assets amount to Rs 22585.83 crore, which is 80.45% of the total bank loss.

Assets totaling Rs 969 crore in foreign nations are included in the associated assets.After the money-laundering investigation was completed, the ED filed prosecution complaints against all three suspects, according to the statement.

Extradition requests for these individuals have been sent to the United Kingdom and Antigua & Barbuda.The Westminster Magistrates Court has ordered Vijay Mallya’s extradition, which has been approved by the UK High Court. Vijay Mallya’s extradition to India has become final when he was denied permission to launch an appeal in the UK Supreme Court.Nirav Modi’s extradition to India has been ordered by the Westminster Magistrate’s Court.

Nirav Modi has been detained in London for the past two years and three months after India requested his extradition. The PMLA Court in Mumbai has also proclaimed Nirav Modi and Vijay Mallya to be Fugitive Economic Offenders.