Thursday, January 27, 2022

ED transfers seized assets of over Rs 9,371 crore from Vijay Mallya, Nirav Modi & Mehul Choksi to Public Sector Banks

Enforcement Directorate has transferred, attached and seized assets of over 9,371 crore rupees to Public Sector Banks who suffered loss due to the bank fraud by Vijay Mallya, Nirav Modi and Mehul Choksi. They have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of 22 thousand 585 crore rupees to the banks.

So far, the ED has attached assets worth over 18 thousand 170 crore rupees which included assets worth 969 crore rupees in foreign countries. The quantum of the attached and seized assets represents 80.45 per cent of total bank loss.

The investigation by the ED has proved that substantial part of these assets were held in the names of dummy entities, trusts, third persons and relatives of these accused and these entities were proxy of these accused to hold these assets. Out of total attached assets of 18,170 crore rupees, over 329 crore rupees have been confiscated and over 9,041 crore rupees have been handed over to the banks.

Prosecution Complaints have been filed against all the three accused extradition requests have been sent to UK and Antigua and Barbuda. The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since, Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final. The Westminster Magistrates Court has ordered the extradition of Nirav Modi to India.

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