The Enforcement Directorate (ED) on Friday (July 16) said that a consortium of lenders led by State Bank of India has realized another Rs 792.11 crore by sale of shares belonging to Vijay Mallya, Nirav Modi and Mehul Choksi, which were handed over to them by the ED. With this the total recovery from sale of assets of Vijay Mallya, Nirav Modi and Mehul Choksi now stands at Rs 13,109.17 crore, the ED said.
Last month the ED had transferred assets worth Rs 9,371.17 crore belonging to these three people to banks and to the government. So far the organisation has attached properties worth Rs 18,170.02 crore (which is 80.45% of total loss to banks caused by these three people).
The ED has attached the assets under the Prevention of Money Laundering Act (PMLA).
Vijay Mallya, the owner of the now-defunct Kingfisher Airlines, owes more than Rs 9,000 crore to a consortium of banks in principal and interest.
Diamantaires Nirav Modi and Mehul Choksi, main accused in the Punjab National Bank (PNB) loan fraud case, have caused losses worth Rs 13,000 crore to the bank.
Worth mentioning here is that 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.
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 four months on the basis of extradition request by India.
Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by a PMLA Court in Mumbai.
It is also worth mentioning here is that the ED had earlier transferred shares attached, worth Rs 6,600 crore approximately, to SBI-led consortium as per order of PMLA Special Court, Mumbai. Public Sector Banks have already recovered Rs 1,357 crore by selling those shares earlier. Debt Recovery Tribunal on behalf of the consortium of banks has sold the shares for over Rs 5,800