Assets worth Rs 12,000 crore seized from three fugitives, Rs 21 crore returned to banks

(PTI) New delhi date. 23

Nirav Modi, Mehul Choksi and Vijay Mallya have recovered more than 50 per cent of the losses due to fraud, the ED said in a statement. According to the ED, Rs 500 crore has been recovered from the sale of the seized shares. એ

According to the agency, Rs 31 crore has been recovered so far by selling the assets of the three fugitives. The total loss due to these three is more than 50 per cent of Rs 4.5 crore.

Regarding the developments, Union Finance Minister Nirmala Sitaram said on Twitter that strict action would be taken against the fugitives and economic criminals and their assets had been seized and the process of recovering the arrears by selling the assets was underway.

Despite the three being abroad, agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are rapidly investigating them.

It may be mentioned that both Nirav Modi and Mehul Choksi together committed fraud with Punjab National Bank to the tune of Rs 12,500 crore. The Rs 5,000 crore Kingfisher Airlines scam was perpetrated by Namalya. Thus, the three caused a total loss of Rs 4.5 crore to the state-owned banks.

In both the cases, the ED has so far seized assets worth a total of Rs 12,160.04 crore. Of the assets seized, the Debt Recovery Tribunal (DRT) sold shares of United Breweries worth Rs 3 crore on behalf of a group of SBI-led banks. Another 500 crore shares are likely to be sold by June 3.

Earlier, banks had similarly sold shares in a case against Mallya and seized Rs 15 crore.

Vijay Mallya and Nirav Modi are currently in Britain while Mehul Choksi was in Antigua and Barbuda. He then disappeared from there and was found in Dominica.