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ED transfers portion of assets seized in Vijay Mallya, Nirav Modi cases to Centre and PSBs

The Enforcement Directorate (ED) said on June 23 that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre.

June 23, 2021 / 02:26 PM IST
Vijay Mallya

Vijay Mallya

The Enforcement Directorate (ED) said on June 23 that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre.

Of the Rs 18,170.02 crore worth of assets seized/attached, the ED said it has transferred Rs 9,371.17 crore to the government and public sector banks (PSBs).

"As on date, out of total attached/ seized assets of Rs. 18,170.02 crore under provisions of PMLA, assets worth of Rs 329.67 crore has been confiscated and assets worth Rs 9041.5 Crore, representing 40 percent of total loss to the bank have been handed over to the Public Sector banks," the ED said in a statement.

The ED has attached/seized the assets under the Prevention of Money Laundering Act (PMLA).

Also read: Five years since liquor King Vijay Mallya flew to UK: Four mistakes banks made in the Kingfisher case

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The total attached and seized assets represents 80.45 percent of the banks' total loss of Rs 22,585.83 crore, the agency said.

The ED also said the Debts Recovery Tribunal (DRT), on behalf of an SBI-led consortium that lent money to Mallya, on June 21 sold shares worth over Rs 5,800 crore of United Breweries (UBL) that were earlier attached by the agency.

Mallya was the owner of the now defunct Kingfisher Airlines, and owes more than Rs 9,000 crore to a consortium of banks. He fled from India to the UK in 2016.

Diamantaires Nirav Modi and Mehul Choksi are accused in the Punjab National Bank (PNB) loan fraud case.
Moneycontrol News
first published: Jun 23, 2021 11:47 am

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