Rs 14,131.6 cr recovered from sale of Vijay Mallya’s assets: Sitharaman
The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.
Union Minister of State for Finance Pankaj Chaudhary today stated that in the cases pertaining to Vijay Mallya, Nirav Modi, and Mehul Choksi who have defrauded Public Sector banks by siphoning off the funds through their companies which resulted in a total loss of Rs. 22,585.83 crore to the public sector banks. Giving more details, the Minister stated that as of 15 March, assets worth Rs 19,111.20 crore have been attached under the provisions of PMLA.
Out of which, assets worth Rs 15,113.91 crore have been restituted to the Public Sector Banks. In addition, assets worth Rs 335.06 crore have been confiscated by the government.
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The Minister further stated that as of 15 March, 84.61% of the total defrauded funds in these cases have been attached/seized and 66.91% of a total loss to the banks has been handed over to banks/confiscated to the government.
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It is pertinent to mention here that as of 15 March, the consortium of banks led by SBI has realized Rs 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement, the Minister added.
Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) provide that the Special Court trying the offence may restore any property/assets involved in money laundering to a third party claimant with a legitimate interest, including banks.
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