Monday, August 2, 2021

Vijay Mallya, Nirav Modi, Mehul Choksi’s assets worth ₹ 9,371 cr transferred to state-run banks

Assets worth ₹ 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred by the Enforcement Directorate to state-run banks to realise the losses on account of the fraud committed against them by the three men.

The ED had attached/seized assets worth ₹ 18,170.02 crore, which included assets worth of ₹ 969 crore located in foreign countries. The quantum of the attached and seized assets represents 80.45% of total bank loss.

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 ₹ 22,585.83 crore to the banks.

As a sequel to an FIR by the CBI, the ED unearthed a web of domestic and international transactions and stashing of assets abroad.

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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.

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The Westminster Magistrates Court has ordered extradition of Nirav Modi to India. It is pertinent to mention here that Nirav Modi has been in London Jail for last two years and three months on the basis of extradition request by India.

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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 ₹ 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.

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