Corruption
From Mallya to Nirav Modi: ED Strikes Big, Recovers Rs 22,280 Crore in Stolen Assets!
NEW DELHI: The government’s relentless crackdown on economic offenders has yielded impressive results, with the Enforcement Directorate (ED) recovering and restoring assets worth Rs 22,280 crore from some of the country’s most high-profile financial fraud cases. From Vijay Mallya and Nirav Modi to Mehul Choksi, the ED’s efforts have ensured that public sector banks are regaining their lost funds, as highlighted by Finance Minister Nirmala Sitharaman during a debate in the Lok Sabha.
Highlighting the government’s unwavering commitment to combating financial crimes, Sitharaman assured that the recovery of public funds remains a top priority. “We are relentlessly pursuing economic offenders to ensure that stolen money is returned to banks and the public,” she emphasized in a post on X (formerly Twitter).
ALSO READ : Call for Papers on AI/ML in Predictive Policing and Digital Forensics for FutureCrime Summit 2025
Key Recoveries
- Vijay Mallya: Public sector banks have regained assets worth Rs 14,131.6 crore.
- Nirav Modi: Properties valued at Rs 1,052.58 crore have been restored to public and private sector banks.
- Mehul Choksi: Assets worth Rs 2,565.90 crore have been recovered.
- National Spot Exchange Ltd (NSEL) Scam: Rs 17.47 crore returned to banks.
- SRS Group: Rs 20.15 crore restored.
- Rose Valley Group: Rs 19.40 crore recovered.
- Surya Pharmaceuticals Ltd: Rs 185.13 crore reclaimed.
- Heera Group (Nowhera Sheikh and Others): Rs 226 crore recovered.
- Naidu Amrutesh Reddy and Others: Rs 12.73 crore restored.
- Nafisa Overseas and Others: Rs 25.38 crore recovered.
- Bhushan Power and Steel Ltd (BPSL): Following a Supreme Court directive, Rs 4,025 crore was restored to JSW.
Finance Minister on Foreign Black Money
The Finance Minister also highlighted the effectiveness of the Black Money (Undisclosed Foreign Income and Assets) Act of 2015 in curbing offshore tax evasion. The number of taxpayers voluntarily disclosing foreign assets surged to 2 lakh in 2024-25, up from 60,467 in 2021-22.
As of June 2024:
– Rs 17,520 crore in demands have been raised across 697 cases under the Act.
– 163 prosecutions have been initiated.
The government’s crackdown on economic offenders and tax evaders sends a strong message: no one is above the law, and justice will be pursued relentlessly.
