NEW DELHI, BENGALURU: Facing rather a lot of flak over ‘fugitive’ businessmen Mehul Choksi, Nirav Modi and Vijay Mallaya, the federal government on Wednesday scored massive political factors when it introduced that Rs 9,042 crore value of hooked up belongings of the three have been transferred to the PSU banks defrauded by them.
According to a press release issued by the Enforcement Directorate (ED), Vijay Mallya, Nirav Modi and Mehul Choksi had defrauded Public Sector Banks, inflicting a complete loss of Rs 22,586 crore to the banks. The quantity of Rs 9,042 crore accounted for 40 per cent of the entire loss suffered by the banks.
The ED has thus far hooked up/seized belongings to the tune of Rs 18,170 crore below provisions of the Prevention of Money Laundering Act (PMLA) of the three absconding promoters, whose companies defaulted on fee to banks. The hooked up belongings embody properties value Rs 969 crore situated in overseas nations.
Of the Rs 9,042 crore, Rs 5,824 crore has been recovered by sale of shares of United Breweries to Heineken NV. The Debt Recovery Tribunal, on behalf of the SBI-led consortium, on Wednesday offered shares of United Breweries Ltd.
The Dutch liquor firm acquired 3.96 crore shares, or 15% in United Breweries. According to the ED, additional realisation of Rs 800 crore by sale of shares is anticipated by June 25. Public sector banks have already recovered Rs 1,357 crore by promoting shares earlier.
According to the annual report of United Breweries, fairness shares accounting for 16.15 laptop, held by a couple of promoter firms of Vijay Mallya, had been transferred to the demat account of the Enforcement Directorate (ED), Mumbai.
Based on the FIRs by the Central Bureau of Investigation (CBI), the ED acted on these circumstances and detected a quantity of home and worldwide transactions and belongings stashed overseas. The ED has additionally filed prosecution complaints in opposition to all of the three accused after completion of money-laundering investigations.
“The investigation has additionally irrevocably proved that these three accused individuals used dummy entities managed by them for rotation and siphoning off the funds supplied by the banks,” the central company said. According to the ED,
“out of complete hooked up/seized belongings of Rs 18,170.02 crore below provisions of PMLA, belongings value of Rs 329.67 crore has been confiscated and belongings value Rs 9,041.5 crore, representing 40 per cent of the entire loss to the banks, have been handed over to them.”
Extradition requests have been despatched for these individuals to the UK and Antigua and Barbuda. The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since Vijay Mallya has been denied permission to file an attraction within the UK Supreme Court, his extradition to India has turn into closing.
The Westminster Magistrates Court had ordered the extradition of Nirav Modi to India. Nirav Modi has been in London jail for the final two years and three months on the premise of an extradition request by India. Nirav Modi and Vijay Mallya have additionally been declared Fugitive Economic Offenders by the PMLA Court in Mumbai.