Union Finance Minister Nirmala Sitharaman on Wednesday said Rs 14,131.6 crore has been recovered by public sector banks (PSBs) from the sale of assets belonging to fugitive businessman Vijay Mallya.
This is part of the government’s ongoing efforts to address financial crimes and restore funds to affected entities, she said.
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The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.
These are Vijay Mallya: Rs 14,131.6 crore returned to PSBs; Nirav Modi: Properties worth Rs 1,052.58 crore restored to banks; Mehul Choksi: Properties worth Rs 2,565.90 crore attached for auction; National Spot Exchange Ltd (NSEL): Rs 17.47 crore restored to genuine investors.
In total, the ED has restored assets worth Rs 22,280 crore to victims or rightful claimants from cases involving economic offences, she said.
The minister also discussed the impact of the Black Money Act, 2015, noting that it has encouraged taxpayers to voluntarily disclose foreign assets. The number of disclosures rose to 200,000 in 2024-25, from 60,467 in 2021-22.
Vijay Mallya is a fugitive businessman and former MP, and fled India in 2016 amid allegations of financial irregularities related to Kingfisher Airlines. Government has been seeking his extradition from the United Kingdom to face trial.
