Assets worth Rs 18,170 crore of Vijay Mallya, Nirav Modi, Mehul Choksi attached; 80% losses recovered: ED

The Enforcement Directorate (ED) has said that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre. Of the Rs 18,170.02 crore worth of assets seized, the ED said it has transferred Rs 9,371.17 crore to the government and public sector banks (PSBs). “ED not only attached/ seized assets worth of Rs 18,170.02 crore (80.45 percent of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs 9,371.17 Crore to the PSBs and Central Government,” the ED said in a tweet. As sequel to FIR by CBI, the Directorate of Enforcement has 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.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 of Rs. 22,585.83 Crore. 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 assets. Prosecution Complaints have been filed against all the three accused after completion of  PMLA 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.

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