Assets Of Mallya, Nirav Modi And Choksi Worth ₹9,371 Crore Transferred To Banks, Govt
The ED has attached the assets under the Prevention of Money Laundering Act (PMLA)
Mumbai: The Enforcement Directorate has said that it has transferred attached/seized assets of Vijay Mallya, Nirav Modi, and Mehul Choksi worth ₹9,371.17 crores to banks and the Central government
Of the assets worth Rs 18,170.02 crore seized, the ED said it has transferred Rs 9,371.17 crore to the government and public sector banks (PSBs).
“ED not only attached/ seized assets worth Rs 18,170.02 crore (80.45 percent of a total loss to banks) in case of Vijay Mallya, Nirav Modi, and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs 9,371.17 Crore to the PSBs and Central Government,” the ED said in a tweet.
https://twitter.com/dir_ed/status/1407576529375096835?s=20
The ED has attached the assets under the Prevention of Money Laundering Act (PMLA).
The ED said it unearthed the money trap by tracing the network of domestic and international transactions and hiding assets abroad. Investigation revealed that the three accused in turn used fake entities controlled by them and embezzled funds provided by the banks.
Mallya was the owner of the now-defunct Kingfisher Airlines and owes more than Rs 9,000 crore to a consortium of banks.
Diamond merchants Nirav Modi and Mehul Choksi are accused in the Punjab National Bank (PNB) loan fraud case.
The ED also said that extradition requests have been sent to the countries where the three accused are residing. While Mallya and Modi live in London (UK), Choksi chose Antigua and Barbuda after running away from India.
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