Banks Get Part Of Vijay Mallya, Nirav Modi, Mehul Choksi's Seized Assets
So far, the agency has seized assets worth Rs 18,170.02 crore, which include assets worth of Rs 969 crore located in foreign countries. The value of those assets represents 80.45% of the total bank loss."As on date, out of the total seized assets of Rs 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth of Rs 329.67 crore were confiscated and assets worth Rs 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks," the Enforcement Directorate said today.Citing the move, Finance Minister Nirmala Sitharaman, in a tweet, said, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered."Vijay Mallya, Nirav Modi and Mehul Choksi - all facing extradition trials - 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.As a sequel to an FIR by the CBI, the Enforcment Directorate unearthed a web of domestic and international transactions and stashing of assets abroad. Investigation has also proved, says the ED, that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.Prosecution complaints have been filed against all the three accused after completion of the money laundering investigation. Extradition requests have been sent for these persons 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, Vijay 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 extradition of Nirav Modi to India. He has been in a London jail for the past two years on the basis of an extradition request by India.Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by a PMLA Court in Mumbai.Recently, the ED has transferred shares attached by it (worth of Rs 6,600 crore approx) to SBI-led consortium as per order of PMLA Special Court, Mumbai. Debt Recovery Tribunal on behalf of the consortium of banks has sold the shares for over 5,800 crore. The transferred attached assets also include real estate properties and other movable assets of the fugitives.