Mallya/Nirav Modi fraud cases: Latest recovery of ₹1,850 cr redeems 58% of banks’ losses

Banks have now recovered 58 per cent of the quantity they have been defrauded by Vijay Mallya, Nirav Modi and Mehul Choksi. Whereas the SBI-led consortium acquired one other ₹792.11 crore from sale of shares held in Mallya’s Kingfisher airline, different banks have gotten ₹1,060-crore belongings from the Fugitive Financial Offences Court docket within the PNB-Nirav Modi Case

Complete quantity

The Enforcement Directorate on Friday stated whereas the general public sector banks have been defrauded of ₹22,585.83 crore, restoration and switch of belongings as of date complete ₹12,762.25 crore. The ED has connected belongings price ₹18,217.27 crore beneath the availability of the Prevention of Cash Laundering Act from the three fugitives.

“In the present day, the SBI-led consortium has realised ₹792.11 crore by sale of shares in Kingfisher Airways/Vijay Mallya case. These shares have been handed over by the ED to the consortium. Earlier, SBI led consortium had realised ₹7,181.50 crore by liquidating belongings handed over to it,” stated an ED assertion.

Earlier restoration

A number of days again, the ED had handed over ₹3,728.64-crore belongings to the SBI-led consortium together with shares of ₹3,644.74 crore, Demand Draft of ₹54.33 crore and immovable properties price ₹29.57 crore.

Nirav Modi and his uncle Mehul Choksi are wished by India for defrauding Punjab Nationwide Financial institution (PNB) of over ₹14,000 crore. They fled the nation in January 2018 earlier than their rip-off of utilizing pretend Letters of Undertakings (LoUs) to cheat the financial institution got here to gentle.

Vijay Mallya had fled to the UK in 2016 after his Kingfisher Airways collapsed. Mallya had borrowed to maintain the persistently loss-making airline in air. By 2012, Kingfisher was declared an NPA by SBI. Accused of fraud and cash laundering, Mallya owes 17 Indian banks about ₹9,000 crore. system/latest-recovery-of-1850-cr-redeems-58-of-banks-losses/article35370991.ece


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