Economic Fraud
Assets Worth Over Rs 19,000 Cr Of Fugitive Vijay Mallya, Nirav Modi, Mehul Choksi Seized: Govt Informs Rajya Sabha
NEW DELHI: The Centre informed Parliament on March 22 that it has confiscated assets worth over Rs 19,000 crore belonging to financial crime fugitives Vijay Mallya, Nirav Modi, and Mehul Choksi.
Pankaj Chaudhary, the Minister of State for Finance, made the statement in response to a question in the Rajya Sabha. He said the trio robbed public sector banks to the tune of Rs 22,585.83 crore by syphoning monies through organisations affiliated to them in a written response.
“As of March 15, 2022, assets worth Rs 19,111.20 crore have been attached under the PMLA (Prevention of Money Laundering Act),” he said. Assets worth Rs 15,113.91 crore have been returned to public sector banks out of a total of Rs 19,111.20 crore.
In addition, the minister stated that assets worth Rs 335.06 crore had been confiscated and handed over to the Indian government. “As of March 15, 2022, 84.61 percent of the total fraudulent monies in these cases has been attached/seized, and 66.91 percent of the total damage to banks has been handed back to banks/confiscated to the Government of India,” Chaudhary added.
The minister went on to say that, as of March 15, 2022, a consortium of lenders led by the State Bank of India (SBI) had realised Rs 7,975.27 crore through the sale of assets turned over to them by the Directorate of Enforcement.
According to the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the Fugitive Economic Offenders Act, 2018 (FEOA), which apply in the cases of Mallya, Modi, and Choksi, the court that is trying the case can restore any property/assets involved in money laundering to a legitimate third party claimant, including banks.
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