50% Of Mallya, Nirav Modi & Choksi’s Seized Assets Transferred To PSU Banks

By OB Bureau On Jun 23, 2021

Mallya, Nirav Modi, Mehul Choksi seized assets — Picture courtesy BuzzingTrends

New Delhi: The Central government may not have managed to get Vijay Mallya, Nirav Modi and Mehul Choksi back in India yet, but it has been decided to put some of their assets to use.

The Enforcement Directorate (ED) stated on Wednesday that it had transferred a little over 50% of the attached or seized assets under Prevention of Money Laundering Act (PMLA) in cases related to the fugitive businessmen.

ED informed that out of the Rs 18,170.02 crore worth of assets seized, it has transferred Rs 9,371.17 crore to government and public sector banks (PSBs).

“ED not only attached/seized assets worth of Rs 18,170.02 crore (80.45 percent of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/seized assets of Rs 9,371.17 Crore to the PSBs and Central Government,” ED tweeted.

ED not only attached/ seized assets worth of Rs. 18,170.02 crore (80.45% of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs. 9371.17 Crore to the PSBs and
Central Government.

— ED (@dir_ed) June 23, 2021

Mallya, who was owner of the now-defunct Kingfisher Airlines, owes over Rs 9,000 crore to a consortium of banks, while diamantaires Modi and Choksi are accused in the Punjab National Bank loan fraud case.

ED also said that extradition requests have been sent to countries where the three accused are living.

Mallya and Modi are in London now, while Choksi is currently lodged in a prison in Dominica after fleeing to Antigua & Barbuda from India.

Prosecution complaints have been filed against all three after the completion of money-laundering investigation, and extradition requests sent to the respective persons.

The UK High Court has confirmed the extradition of Mallya that was ordered by Westminster Magistrates Court. Mallya has been denied permission to file an appeal in UK Supreme Court.

The ED earlier transferred shares attached, worth Rs 6,600 crore approximately, to SBI-led consortium as per PMLA Special Court’s order. Public Sector Banks have already recovered Rs 1,357 crore by selling those shares.