The Directorate of Enforcement has transferred attached assets worth Rs 8,441.5 crore to public sector banks who suffered losses due to fraud by fugitive businessmen Vijay Mallya, Mehul Choksi and Nirav Modi.
“The agency not only seized assets worth Rs 18,170.02 crore (80.45% of total loss to banks) in the case of Vijay Mallya, Nirav Modi and Mehul Choksi under PMLA but also transferred a part of attached/seized assets of Rs 9,371.17 crore to the PSBs and central government,” ED said.
Vijay Mallya, owner of now-defunct Kingfisher Airlines, is facing extradition and is out on bail. In 2019 his extradition was approved by the then Home Secretary.
Mehul Choksi and his nephew Nirav Modi, wanted in the ₹13,500-crore Punjab National Bank loan fraud case, fled India in January 2018. Choksi, the owner of defunct jewellery giant Gitanjali Group, became a citizen of Antigua through a government-run scheme.