Rs 9,371 crore Assets Seized from Vijay Mallya, Mehul Choksi & Nirav Modi transferred to PSBs: Centre

India: After defrauding public sector banks siphoning off the funds through their companies, Indian fugitives Nirav Modi, Vijay Mallya and Choksi were absconding. 

About 40 percent of the money lost by banks in the PNB scam and fraud have been released to Public Sector Banks (PSBs) and the Central Government.  

 “Enforcement Directorate (ED) not only seized assets worth Rs 18,170.02 crore (80.45% of the total loss to banks) in the case of Vijay Mallya, Nirav Modi, and Mehul Choksi under PMLA but also transferred a part of attached/ seized assets of Rs 9371.17 crore to the PSBs and Central Govt,” ED informed in a tweet. 

Addressing a press conference ED stated that, “As on date, out of the total seized assets of Rs. 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth of Rs 329.67 crore were confiscated and assets worth Rs 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks.” 

ED’s investigation revealed that the three accused had used dummy identities to operate, rotate and siphon off funds from the banks.

 The seized assets worth Rs. 18,170.02 crore, includes assets worth Rs. 969 crores located in foreign countries. Seized worth approximately Rs. 6,600 crore was recently transferred to SBI led consortium as per the order of PMLA Special Court, Mumbai.