Mallya, Modi, Choksi's Rs 22,586 crore scam

- 18,000 crore assets of three fugitives seized, Rs 9371 crore returned to banks: ED

- Debt Recovery Tribunal (DRT) sells shares of United Breweries in Mallya's custody for Rs. Raised Rs 5824 crore

- Rs. More than 40 per cent of the total amount of Rs 9371 crore scam

New Delhi: More than 50 per cent of the losses incurred due to fraud committed by Nirav Modi, Mehul Choksi and Vijay Mallya have been recovered, 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 15,600 crore. The Rs 5,000 crore Kingfisher Airlines scam was perpetrated by Mallya. 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 Rs 12,160.05 crore. Of the assets seized, the Debt Recovery Tribunal (DRT) sold United Breweries' shares 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, the 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.

Strict action will be taken against fugitive economic criminals: Nirmala

The government will take stern action against fugitive economic criminals to recover the amount of losses incurred in fraud with banks, Union Finance Minister Nirmala Sitaram said in a statement. The statement came after the Finance Minister announced the sale of Idea Mallya's seized shares. The ED today said it had seized shares of Mallya United Breweries under the PMLA. DRTA has earned Rs 500 crore by selling these shares today.

What was the Modi-Choksi scam?

The Rs 1,200 crore PNB scam is the largest bank scam in the country. Its main accused is Nirav Modi who has fled the country. Nirav Modi's mama Mehul Choksi is also involved in the scam. In the scam, diamond industrialist Mehul Choksi obtained a fake guarantee letter (LOU) from a Mumbai branch of Punjab National Bank and obtained loans from other banks on the basis of it.

What was Mallya's scam?

Vijay Mallya, who fled the country, has caused a total loss of Rs 2,000 crore to 12 banks in the country. The highest loan of Rs 1,200 crore was taken from SBI. After that, it took a loan of Rs 200 crore from PNB and Rs 50 crore from IDBI Bank. Mallya has fled to London without repaying the bank loan. The Indian government is making efforts to extradite him.