Fraud Alert
ED Restores Over Rs 22,280 Crore in Defrauded Assets to Banks and Victims
New Delhi: The Enforcement Directorate (ED) has restored properties worth Rs 22,280 crore to public sector banks (PSBs) and other victims of economic fraud, according to the Finance Ministry’s annual report for 2024-25.
Among the major recoveries, assets worth Rs 14,132 crore have been restored to PSBs in the Vijay Mallya case. In the Nirav Modi fraud, properties valued at Rs 1,052.8 crore have been returned to public and private banks, while in the Mehul Choksi case, the ED restored Rs 2,566 crore worth of assets to Punjab National Bank and ICICI Bank. The report highlights the agency’s active pursuit of economic offenders involved in money laundering while simultaneously working towards restitution of defrauded assets. “The ED has successfully restored properties valued at approximately ₹22,280 crore to victims or legitimate claimants,” the ministry stated.
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In another significant case, the ED facilitated the restitution of Rs 4,025 crore worth of assets to JSW Group in the Bhushan Power and Steel case. The agency had filed an affidavit before the Supreme Court requesting approval for the restoration of the attached assets, which was granted in December 2024.
The ED’s actions underscore its commitment to financial accountability and asset recovery in high-profile economic fraud cases. By securing the return of defrauded funds to banks and other affected entities, the agency aims to strengthen India’s financial system and deter large-scale economic crimes.
These recoveries mark a major step in reclaiming assets from fugitives and ensuring that the financial institutions impacted by fraud regain their losses, reinforcing ED’s role in combating financial misconduct in the country.