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.
The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
The engagement took place during a Halloween party, and Sidhartha shared the special moment with his followers on Instagram.
Mallya is currently in the United Kingdom and is being charged with a bank debt default case involving his defunct Kingfisher Airlines that involves over Rs 9,000 crore.
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.
The lender, which include 15 banks primarily the State Bank of India (SBI), are seeking to recover over Rs6,200 crore from Mallya.
With this, Nirav Modi becomes only the second accused so far under the Fugitive Economic Offenders Act (FEOA) to have been declared a 'fugitive economic offender' after Vijay Mallya.
Mallya is currently facing extradition proceedings in the UK. He left India on March 2, 2016, after allegedly defaulting on loans amounting to Rs 9,000 crore.
Two days before Jet Airways went public with a share offering in 2005, the government allowed it to operate international routes.
A consortium of 13 banks, led by the State Bank of India, has initiated loan recovery proceedings against him in a special court in Mumbai under the Fugitive Economic Offenders Act.
