Rs 9,371 cr seized assets of Mallya-Choksi-Nirav Modi transferred to banks: ED

The Enforcement Directorate ED on Wednesday said it has handed over assets worth Rs 9371 crore belonging to fugitive businessmen Vijay Mallya Nirav Modi Mehul Choksi to staterun banks to realise the losses on account of the fraud committed against themThe ED in a statement said that Mallya Nirav Modi and Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 2258583 crore to the banksThe ED has booked the three on the basis of the FIR filed by the Central Bureau of Investigation CBIThe financial probe agency said that the ED has taken swift action by unearthing myriad web of domestic and international transactions and stashing of assets abroadInvestigation 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 the ED saidIt further said that the ED has attached or seized assets worth Rs 1817002 crore which included assets worth of Rs 969 crore located in foreign countriesThe quantum of the attached and seized assets represents 8045 per cent of total bank loss of Rs 2258583 crore it said adding that the investigation by the ED has proved that substantial part of these assets were held in the names of dummy entities trusts third persons relatives of these accused and these entities were proxy of these accused to hold these assetsTue ED has filed charge sheets against all the three accused after completion of PMLA investigationExtradition requests have been sent for these persons to the UK and Antigua and Barbuda The extradition of Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court Since Mallya has been denied permission to file appeal in the UK Supreme Court his extradition to India has become final the ED saidIt further said that the Westminster Magistrates Court has ordered extradition of Nirav Modi to IndiaNirav Modi has been in London Jail for last two years and three months on the basis of extradition request by IndiaNirav Modi and Mallya have also been declared Fugitive Economic Offenders by PMLA Court in Mumbai it saidThe ED also said that recently the agency has transferred shares attached by it worth of Rs 6600 crore to SBI led consortium as per order of PMLA Special Court MumbaiToday DRT on behalf of SBI led consortium has sold shares of United Breweries Limited for Rs 582450 crore it said adding that further realisation of Rs 800 crore by sale of shares is expected by June 25It also said that due to the cooperation and help extended by ED Public Sector Banks have already recovered Rs 1357 crore by selling the shares earlierThus the banks shall be realising total amount of Rs 90415 crore through sale of a part of assets attachedseized by ED under the provisions of PMLA the ED saidAs on date out of total attached or seized assets of Rs 1817002 crore under provisions of PMLA assets worth of Rs 32967 crore has been confiscated and assets worth Rs 90415 crore representing 40 per cent of total loss to the bank have been handed over to the Public Sector banks it addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever