The Directorate of Enforcement on Tuesday transferred seized assets worth Rs 8,441.5 crore to public sector banks that lost money due to frauds by Vijay Mallya, Nirav Modi, and Mehul Choksi.
The three fugitives defrauded public sector banks of Rs 22,586 crore, out of which 80.45 percent amounting to Rs 18,170 crore - which included assets worth Rs 969 crore located in foreign countries - has been seized by the ED, the agency said.
Assets worth Rs 9,371 crore have been transferred to banks so far, accounting for 40 percent of their losses, according to the agency.
As a sequel to the FIR by CBI, the ED said that it unearthed the money trail by exposing a web of domestic and international transactions and stashing of assets abroad. The investigation has also irrevocably proved that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.
Recently, the ED transferred shares attached by it (worth Rs. 6,600 crores approx.) to an SBI-led consortium as per the order of PMLA Special Court, Mumbai. "Today, DRT on behalf of SBI-led consortium has sold shares of United Breweries Limited for Rs 5,824.50 crore," the ED said.
A further realisation of Rs 800 crore by sale of shares is expected by June 25, the central probe agency said in a statement.
The public sector banks have already recovered Rs 1,357 crore by selling the shares earlier. Thus, the banks shall be realising a total amount of Rs 9,041.5 crore through the sale of a part of assets attached/seized by ED under the provisions of PMLA.
Prosecution complaints have been filed against all the three accused after completion of the Prevention of Money Laundering Act (PMLA) investigation. Extradition requests have been sent to countries where the three accused are living. While Mallya and Modi live in the UK, Choksi is in Antigua and Barbuda after running away from India.
The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Mallya has lost the case against his extradition to India and has "been denied permission to file an appeal in the UK Supreme Court." "His extradition to India has become final," the ED said.
The Westminster Magistrates Court has also ordered the extradition of Nirav Modi to India. Nirav Modi has been in London Jail for the last two years and three months based on an extradition request by India. Nirav Modi and Vijay Mallya have also been declared fugitive economic offenders by PMLA Court in Mumbai.
With text inputs from PTI
(Edited by : Priyanka Deshpande)
First Published: IST