ED has transferred assets worth Rs. 12,762.25 crore to the Public Sector Banks and confiscated assets of Rs. 329.67 crore in Nirav Modi and Vijay Mallya cases
New Delhi: The State Bank of India-led consortium today realized Rs. 792.11 crore by sale of shares in Kingfisher Airlines in the Vijay Mallya Case. These shares were handed over by Enforcement Directorate to the consortium. Earlier SBI led consortium had realized Rs. 7181.50 Crore by liquidating assets handed over to SBI led consortium by ED.
In addition, Rs. 1060 Crore worth asset has been allowed to the banks by Fugitive Economic Offense Court in Punjab National Bank – Nirav Modi Case and Rs. 329.67 Crore has been confiscated by ED under provisions of Fugitive Economic Offenders Act, 2018 (FEOA).
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On July 1, 2021, Purvi Modi (sister of Nirav Modi) had transferred Rs. 17.25 crore from proceeds of crime from her foreign bank account to ED. Few days back, ED had further handed over assets worth Rs. 3728.64 crore to the SBI led consortium including shares of Rs. 3644.74 crore, Demand Draft of Rs. 54.33 crore and immovable properties worth Rs. 29.57 crore.
Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs.22,585.83 crore to the banks. The Enforcement Director stated today that till date ED had transferred assets worth Rs. 12,762.25 crore to the Public Sector Banks and confiscated assets of Rs. 329.67 crore. ED had also recovered Rs. 17.25 Crore from Purvi Modi.
As on date, assets worth 58% of total loss to the banks have been handed over to Banks/confiscated to Government of India. It may be mention here that ED has attached/seized assets of Rs. 18,217.27 Crore under the provision of Prevention of Money Laundering Act, 2002 (PMLA).
– global bihari bureau
