Assets worth Rs 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred to state-run banks to realise the losses on account of the fraud committed against them by the three men.
Vijay Mallya, Nirav Modi and Mehul Choksi – all facing extradition trials – 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.
As sequel to FIR by the CBI, the ED has unearthed myriad web of domestic and international transactions and stashing of assets abroad.
Investigation has also proved, says the ED, that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.
The ED has also taken immediate steps to attach/seize assets worth Rs 18,170.02 crore which included assets worth of Rs 969 crore located in foreign countries.
The quantum of the attached and seized assets represents 80.45% of total bank loss.
Prosecution complaints have been filed against all the three accused after completion of the money laundering investigation.
Extradition requests have been sent for these persons to 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 appeal in the UK Supreme Court, his extradition to India has become final.
The Westminster Magistrates Court has ordered extradition of Nirav Modi to India. It is pertinent to mention here that Nirav Modi has been in London Jail for last two years and three months on the basis of extradition request by India.
Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by a PMLA Court in Mumbai.
Recently, the ED has transferred shares attached by it (worth of Rs 6,600 crore approx) to SBI-led consortium as per order of PMLA Special Court, Mumbai.
Public Sector Banks have already recovered Rs 1,357 crore by selling the shares earlier.
The banks shall be realising total amount of Rs 7,981.5 crore by this week through sale of a part of assets attached by the ED under the provisions of PMLA.