Vijay Mallya Case: SBI-Led Consortium Receives ₹792 Cr From Share Sale Of Kingfisher Airlines

NEW DELHI: A State Bank of India (SBI)-led has realized Rs 792.11 Crore by the sale of shares in Kingfisher Airlines related to Vijay Mallya Case on Friday. These shares were handed over by the Enforcement Directorate (ED) to the consortium.

Earlier SBI led consortium had realized Rs 7,181.50 Crore by liquidating assets handed over to SBI led consortium by ED. In addition, Rs 1,060 Crore worth asset has been allowed to the banks by Fugitive Economic Offense Court in PNB – Nirav Modi Case & Rs 329.67 Crore has been confiscated by ED under provisions of FEOA.

On 1 st July 2021, Purvi Modi, sister of Nirav Modi has transferred Rs 17.25 Crore from proceeds of Crime from her foreign bank account to ED.

A few days back, ED has further handed over assets worth Rs 3,728.64 Crore to the SBI-led consortium including shares of Rs 3,644.74 Crore, Demand Draft of Rs 54.33 Crore and immovable properties worth Rs 29.57 Crore.

Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in a total loss of Rs 22,585.83 Crore to the banks. Till date, ED has transferred assets worth Rs 12,762.25 Crore to the Public Sector Banks and confiscated assets of Rs 329.67 Crore.

ED had also recovered Rs 17.25 Crore from Purvi Modi. As on date, assets worth 58 % of a total loss to the banks have been handed over to Banks/confiscated to the government of India. It may be mention here that ED has attached assets of Rs 18,217.27 Crore under the provision of PMLA.

Follow The420.in on Facebook, Twitter, LinkedIn, Instagram, YouTube & Telegram