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The Enforcement Directorate (ED) on June 23 said that it has transferred a part of the seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to the state-run banks and the Centre. Of the Rs 18,170.02 crore worth of assets seized the ED said it has transferred Rs 9,371.17 crore to the government and public sector banks (PSBs).
“As of date, out of total attached/ seized assets of Rs. 18,170.02 crore under provisions of PMLA, assets worth Rs 329.67 crore has been confiscated and assets worth Rs 9041.5 Crore, representing 40 per cent of a total loss to the bank have been handed over to the Public Sector banks,” the ED said in a statement.
The total attached and seized assets represents 80.45 percent of the banks’ total loss of Rs 22,585.83 crore, the agency said.
Vijay Mallya was the owner of the now-defunct Kingfisher Airlines and owes more than Rs 9,000 crore to a consortium of banks. He fled from India to the UK in 2016. Diamantaires Nirav Modi and Mehul Choksi are accused in the Punjab National Bank (PNB) loan fraud case.
The ED has seized the assets under the Prevention of Money Laundering Act (PMLA).
