Mumbai: The Enforcement Directorate (ED) seized the assets of three fugitive Indian billionaires, Vijay Mallya, Nirav Modi, and Mehul Choksi and transferred it to banks and the union government.
ED had seized assets worth Rs.18,170.02 crore under the Prevention of Money Laundering Act (PMLA). It transferred Rs. 9371.17 crore to banks and the union government. The total amount defrauded by the three absconding businessmen is Rs 22,585.83 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 Directorate of Enforcement has taken swift action by unearthing the myriad web of domestic and international transactions and stashing of assets abroad. The investigation has also irrevocably proved that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks. 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’, said a statement issued by ED.
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
— ED (@dir_ed) June 23, 2021