India / 9371 crore assets of Vijay Mallya, Nirav Modi, Mehul Choksi transferred to public sector banks

Zoom News : Jun 23, 2021, 02:45 PM
New Delhi: The effect of government action is now visible in the cases of banking scams in India. The effect of the government's vigil on Vijay Mallya, Nirav Modi and Mehul Choksi has been that assets worth Rs 9371 crore have been transferred to government banks. According to the ED, properties worth Rs 9,371 crore of fugitive accused Vijay Mallya, Nirav Modi and Mehul Choksi have been transferred to state-run banks to compensate for the loss caused by the fraud. The ED said that in the Vijay Mallya and PNB Bank fraud cases, 40 per cent of the amount of the banks was recovered through sale of shares seized under the PMLA.

The Enforcement Directorate tweeted that the ED has not only attached assets worth Rs 18,170.02 crore (80.45% of the total loss to the banks) under PMLA in the case of Vijay Mallya, Nirav Modi and Mehul Choksi, but also assets worth Rs 9371.17 crore. The property has also been transferred to public sector banks.

In fact, Mehul Choksi and his nephew Nirav Modi are accused of allegedly defrauding Punjab National Bank (PNB) to the tune of Rs 13,500 crore in connivance with some bank officials. Nirav Modi is currently lodged in a jail in London, while Mehul Choksi is lodged in a prison in Dominica. The Central Bureau of Investigation (CBI) is investigating against both and efforts are on to extradite them to India.

At the same time, Vijay Mallya is accused of fraud and money laundering amounting to about Rs 9,000 crore. In this case its defunct Kingfisher Airlines is involved. Former Kingfisher Airlines owner and businessman Vijay Mallya, 65, is out on bail in the UK on an extradition warrant since his arrest in April 2019. At present, Vijay Mallya is in England, from where efforts are being made to bring him back.