The Enforcement Directorate (ED) on Tuesday transferred assets worth ₹8,441 crore to banks who suffered losses due to frauds by Vijay Mallya, Nirav Modi and Mehul Choksi. The three fugitives cheated the public sector banks of ₹22,586 crore, out of which 80.45% ( ₹18,170 crore) has been attached/seized by the ED, the agency said in a release.The ED has transferred shares attached by it (worth Rs 6,600 crore) to the SBI-led consortium of banks as per the orders of the PMLA Special Court in Mumbai.
The debts recovery tribunal (DRT) has sold shares worth over Rs 5,800 crore of United Breweries Limited (UBL) that were earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against fugitive liquor baron Vijay Mallya.“The Directorate of Enforcement has taken swift action by unearthing the myriad web of domestic and international transactions and stashing of assets abroad. The 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,” said the officials.During its investigation, the ED took steps to attach and seize assets worth Rs 18,170.02 crore which included assets of Rs 969 crore located in foreign countries. The quantum of the attached and seized assets represents 80.45% of the total bank loss of Rs. 22,585.83 crore.As of today, the total attached and seized assets under the provisions of PMLA are worth Rs 18,170.02 crore. Assets worth Rs 329.67 crore have been confiscated and assets worth Rs 9,041.5 crore, representing 40% of the total loss to the bank, have been handed over to the banks.