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Banks have now recovered 58 per cent of the amount they were defrauded by Vijay Mallya, Nirav Modi and Mehul Choksi. While the SBI-led consortium got another ₹792.11 crore from sale of shares held in Mallya’s Kingfisher airline, other banks have got ₹1,060-crore assets from the Fugitive Economic Offences Court in the PNB-Nirav Modi Case
Total amount
The Enforcement Directorate on Friday said while the public sector banks were defrauded of ₹22,585.83 crore, recovery and transfer of assets as of date total ₹12,762.25 crore. The ED has attached assets worth ₹18,217.27 crore under the provision of the Prevention of Money Laundering Act from the three fugitives.
“Today, the SBI-led consortium has realised ₹792.11 crore by sale of shares in Kingfisher Airlines/Vijay Mallya case. These shares were handed over by the ED to the consortium. Earlier, SBI led consortium had realised ₹7,181.50 crore by liquidating assets handed over to it,” said an ED statement.
Earlier recovery
A few days back, the ED had handed over ₹3,728.64-crore assets to the SBI-led consortium including shares of ₹3,644.74 crore, Demand Draft of ₹54.33 crore and immovable properties worth ₹29.57 crore.
Nirav Modi and his uncle Mehul Choksi are wanted by India for defrauding Punjab National Bank (PNB) of over ₹14,000 crore. They fled the country in January 2018 before their scam of using fake Letters of Undertakings (LoUs) to cheat the bank came to light.
Vijay Mallya had fled to the UK in 2016 after his Kingfisher Airlines collapsed. Mallya had borrowed to keep the consistently loss-making airline in air. By 2012, Kingfisher was declared an NPA by SBI. Accused of fraud and money laundering, Mallya owes 17 Indian banks about ₹9,000 crore.
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