ED transfers Rs 9,371 crore belongings seized from Vijay Mallya, Mehul Choksi and Nirav Modi to PSBs, Centre
‘Forty p.c of the full loss to the banks has been handed over to public sector banks,’ the ED mentioned in an announcement
New Delhi: About 40 p.c of the cash misplaced by banks within the PNB rip-off and the fraud linked to fugitive businessman Vijay Mallya’s defunct Kingfisher Airways has been realised by the use of sale of shares seized beneath the Prevention of Cash Laundering Act (PMLA), the Enforcement Directorate mentioned on Wednesday.
It mentioned the Money owed Restoration Tribunal (DRT), on behalf of an SBI-led consortium that lent cash to Mallya, on Wednesday bought shares price over Rs 5,800 crore of United Breweries Restricted (UBL) that have been earlier hooked up by the company beneath provisions of the PMLA.
This attachment was earlier accomplished by the ED as a part of its prison probe towards 65-year-old Mallya, who’s now within the UK.
The ED mentioned the DRT motion got here after the company transferred the shares (price practically Rs 6,600 crore of UBL) hooked up by it to the SBI-led consortium on the course of the particular PMLA courtroom in Mumbai.
Mallya and fugitive diamantaires Nirav Modi and Mehul Choksi, who have been concerned within the PNB rip-off, “defrauded public sector banks by siphoning off the funds by way of their corporations which resulted in a complete lack of Rs 22,585.83 crore to the banks”, it mentioned.
ED not solely hooked up/ seized belongings price of Rs. 18,170.02 crore (80.45% of whole loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi beneath the PMLA but additionally transferred part of hooked up/ seized belongings of Rs. 9371.17 Crore to the PSBs and
— ED (@dir_ed) June 23, 2021
As of date, the company has hooked up whole belongings price Rs 18,170.02 crore in these two financial institution fraud circumstances, it mentioned.
“Belongings price Rs 329.67 crore have been confiscated and belongings price Rs 9,041.5 crore, representing 40 p.c of the full loss to the banks have been handed over to public sector banks,” the ED mentioned in an announcement.
The additional realisation of Rs 800 crore by sale of shares is predicted by June 25, it mentioned.
Whereas the Punjab Nationwide Financial institution fraud at its Brady Home department in Mumbai is alleged to be price practically Rs 13,000 crore, Mallya is accused to have cheated the banks of Rs 9,000 crore by the use of prison mortgage default within the operations of Kingfisher Airways.
Mallya has misplaced the case difficult his extradition to India and has “been denied permission to file an enchantment within the UK Supreme Court docket”.
“His extradition to India has turn out to be remaining,” the ED mentioned.
Modi, now within the UK, has additionally misplaced his extradition battle. His uncle Choksi had mysteriously gone lacking on Could 23 from Antigua and Barbuda, the place he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica.
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