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ED Recovers Over Rs 9,000 Crore of Bank Debts Owed by Mallya, Modi and Choksi

ED is successful in recovering Rs 9, 371 crore worth assets from Vijay Mallya, Nirav Modi and Mehul Choksi…get the details

Thursday, 24th June 2021


The Enforcement Directorate (ED) has recovered Rs 9,371 crore worth of assets belonging to three fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi and handed them over to Indian banks.

The amount was received mostly in shares by these banks that had collectively lost over Rs. 22,585 crore to these three men. This essentially entails that public sector banks have managed to recoup 40 per cent of their losses that is owed to the three.

The ED has until now, been able to seize assets worth Rs 18,170.02 crore, including assets worth Rs 969 crore that were placed in foreign countries such as including the UK, the US, France and the UAE. Total value of those entire assets amount to 80.45 per cent of the total losses incurred by banks

The announcement made by the ED was followed with a Twitter response by Finance Minister Nirmala Sitharaman who wrote, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered."

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Vijay Mallya, who had fled the country in March, 2016, alone accounts for Rs 10,000 crore of these attached assets. These include shares in United Breweries apart from others that comprise of the Kingfisher brand, logo, helicopter, vehicle, properties and money in foreign accounts.

Diamonds, gems and vehicles belonging to Nirav Modi and Mehul Choksi along with a windmill farm, a factory in Thailand, residential and other real estate properties have also been attached by the agency.

India is pursuing extradition of all three men from UK, Antigua and Barbuda. Of these, Mallya's extradition to India is now final after his appeal in the UK Supreme Court has been turned down.

 Nirav Modi and Mehul Choksi, who had left India in 2018 after their involvement in fraudulent transactions were reported by Punjab National Bank to the CBI. They had caused the bank to lose nearly Rs 13,578 crore.  

Investigation by the ED brought to light a network of domestic and international transactions and stockpiling assets abroad, all in connection with the borrowed money. Moreover, it is now clear that the accused had all used proxies to rate and siphon off the funds they exacted from the banks.

The News Talkie Bureau

 

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NDTV


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