Ed became Mr. Recovery: Massive recovery from Mallya, Modi, Choksi

New Delhi: The Enforcement Directorate (ED) for India's economic criminals, Mr. Has come into the role of recovery. The scam involving Mallya, Modi and Choksi involved banks worth Rs 22,585.83 crore, of which the ED has recovered Rs 18,217.27 crore. This amounts to 81 per cent of the total amount of the scam. Recovery proceedings are still ongoing. Thus for those who escaped by committing bank scam, ED Mr. Has come into the role of recovery. The ED has confiscated their assets and returned them to the scam victims. No one in the history of India has recovered so much from scammers.

It is under this ED process that SBI has acquired the assets of Kingfisher Airlines in Mallya. For the consortium led by SBI, the Debt Recovery Tribunal (DRT) on Friday raised Rs 792.11 crore by selling shares of Kingfisher Airlines. The shares were handed over to the bank group by the ED.

SBI has already raised Rs 7,181.50 crore through Mallya's asset liquidation. For this he liquidated in two different installments. It received Rs 1,357 crore in one installment and Rs 5,824.50 crore in the second installment. Vijay Mallya owes SBI a total of Rs 9,900 crore. Of this, 81 per cent has been recovered by a consortium led by SBI.

The ED has so far recovered a total of Rs 13,109.17 crore in the case of Nirav Modi and Mehul Choksi. The assets that were seized for it have been handed over to the concerned bank consortia or are with the government.