Gujarat Exclusive > National-World > Seized assets of Nirav Modi, Mehul Choksi & Vijay Mallya  worth Rs 9,371 cr transferred to banks

Seized assets of Nirav Modi, Mehul Choksi & Vijay Mallya  worth Rs 9,371 cr transferred to banks

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The Enforcement Directorate (ED) on Wednesday revealed that it has transferred seized assets of fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi worth Rs 9,371.17 crore to public sector banks and the Union government.

In all, the probe agency has seized assets worth Rs 18,170 crore of these fugitive businessmen, which is 80 per cent of the total losses incurred by the banks.  The seized assets include properties worth of Rs 969 crore located in foreign countries. All three businessmen are facing extradition trials and have defrauded public sector banks to the tune of Rs 22,585.83 crore.

Transfer of shares

The ED has transferred shares worth Rs 6,600 crore to an SBI-led consortium as per an order of the special PMLA court in Mumbai.

The debts recovery tribunal (DRT) has sold shares worth over Rs 5,800 crore of United Breweries Limited (UBL) that were earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against fugitive liquor baron Vijay Mallya. The further realisation of Rs 800 crore by sale of shares is expected by June 25, ED said.

Public sector banks have already recovered Rs 1,357 crore of the losses by selling the shares earlier. Thus, the banks shall be realising a total amount of Rs 7,981.5 crore by this week through the sale of a part of assets that have been attached or seized by the ED under the provisions of PMLA.

Extradition

All three businessmen are facing extradition trials and desperately trying to save themselves. Diamantaires Nirav Modi and Mehul Choksi are already in jail in London and Dominica, respectively, and trying to block their extradition to India.

The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since, Vijay Mallya has been denied permission to file an appeal in the UK Supreme Court, his extradition to India has become final.

 

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