Highlights:
- In cases involving fugitive businessmen Vijay Mallya, Nirav Modi, and Mehul Choksi, the Enforcement Directorate has seized assets worth Rs. 18,170 crores.
- Mallya was the owner of Kingfisher Airlines, which is now insolvent, and owes a consortium of banks more than Rs. 9,000 crores.
- In the Punjab National Bank (PNB) loan fraud case, Diamantaires Nirav Modi and Mehul Choksi are accused.
Assets worth Rs 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, and Mehul Choksi have been transferred to state-run banks to recover losses incurred as a result of the three men’s scam.
Vijay Mallya, Nirav Modi, and Mehul Choksi – all of whom are facing extradition – cheated Public Sector Banks by syphoning off funds through their firms, causing the banks to lose a total of Rs 22,585.83 crore.
The ED has found a network of domestic and international transactions and asset stashing abroad as a result of the CBI’s FIR.
According to the ED, the investigation also revealed that the three accused persons used fake entities owned by them to rotate and syphon off funds granted by the banks.
The ED has also taken immediate action to attach/seize assets worth Rs 18,170.02 crore, including Rs 969 crore in assets held in foreign nations.
The value of the attached and seized assets is equivalent to 80.45% of the total bank loss.
After the money laundering investigation was completed, prosecution complaints were filed against all three offenders.
Extradition requests for these people have been sent to the United Kingdom and Antigua & Barbuda.
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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 Magistrates Court. It’s worth noting that Nirav Modi has been detained in London for the past two years and three months as a result of India’s extradition request.
A PMLA Court in Mumbai has also pronounced Nirav Modi and Vijay Mallya to be Fugitive Economic Offenders.
As per a decision of the PMLA Special Court in Mumbai, the ED recently transferred shares attached to it (worth around Rs 6,600 crore) to an SBI-led consortium.
By selling the shares earlier, Public Sector Banks were able to recover a total of Rs. 1,357 crore.
By this week, the banks will be realised a total of Rs 7,981.5 crore through the sale of a portion of assets attached by the ED under the PMLA provisions.
