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ED transfers assets of Mallya, Nirav, Choksi worth Rs 9,041 cr to PSBs

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Wednesday, 23 June 2021 (15:45 IST)
New Delhi: Enforcement Directorate (ED) on Wednesday informed that it has transferred attached assets worth Rs 9,041 crore to Public Sector Banks (PEBs), who suffered losses due to the bank fraud by fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.

In an official statement, the federal financial probe agency said, “As on date, out of total attached and seized assets of Rs. 18,170.02 crore under provisions of Prevention of Money Laundering Act (PMLA), assets worth of Rs 329.67 crore has been confiscated and assets worth Rs 9,041.5 crore which is 40 percent of total loss to the bank have been transferred to the PSBs.”

The Debts Recovery Tribunal (DRT) has sold shares worth over Rs 5,800 crore of United Breweries Limited (UBL) that were earlier attached under the provisions of the PMLA as part of an alleged bank fraud probe against Mallya, the agency further said, adding that further realisation of Rs 800 crore by sale of shares is expected by June 25.

Recently, the ED had transferred shares attached by it (worth about Rs 6,600 crore) to the SBI-led consortium as per order of the special Prevention of Money Laundering Act (PMLA) Mumbai.

The agency also said due to the cooperation and help extended by the agency, PSBs have already recovered Rs 1,357 crore by selling the shares earlier. “Thus, the banks shall be realising a total amount of Rs 9041.5 crore through sale of a part of assets attached and seized by ED under the provisions of PMLA,” it added.

The agency said, liquor baron Mallya and diamontaire uncle-nephew duo (Modi and Choksi) have defrauded Public Sector Banks by siphoning off the funds through their companies, which resulted in total loss of Rs. 22,585.83 crore to the banks.

Consequent upon the FIRs registered by the Central Bureau of Investigation (CBI), the ED said, it took swift action by unearthing ‘myriad web of domestic and international transactions and stashing of assets abroad’.

The officials in ED said, “as sequel to FIR by CBI, the agency had taken swift action by unearthing myriad web of domestic and international transactions and stashing of assets abroad.”

Investigation has also irrevocably proved that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, they added. (UNI)

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