The State Bank of India-led consortium on Friday realised ₹792.11 crore by sale of shares in the now defunct Kingfisher Airlines in the Vijay Mallya case. The Enforcement Directorate (ED) had handed over the shares to the consortium.
In the cases involving Mr. Mallya, diamond merchant Nirav Modi and his uncle Mehul Choksi, the ED has so far transferred assets worth ₹12,762.25 crore to public sector banks. The accused persons have caused a total loss of ₹22,585.83 crore to them.
As on date, assets worth 58% of the total loss have been returned to the banks or confiscated in favour of the Central government. The ED has attached or seized assets worth ₹18,217.27 crore in these cases under the Prevention of Money Laundering Act.
In the Mallya case, the consortium had recovered ₹7,181.50 crore by liquidating the assets transferred to the lenders by the ED. “A few days ago, the ED handed over assets worth ₹3,728.64 crore to the SBI-led consortium, including shares worth ₹3,644.74 crore, demand draft for ₹54.33 crore and immovable properties valued about ₹29.57 crore,” said an ED official.
In the Punjab National Bank fraud case involving Mr. Nirav Modi , Mr. Choksi and others, the Fugitive Economic Offence Court recently allowed the bank to take over assets worth ₹1,060 crore. The ED has also confiscated properties worth ₹329.67 crore under the Fugitive Economic Offenders Act.
Also, on July 1, Mr. Nirav Modi’s sister Purvi transferred ₹17.25 crore from her London account to that of the ED, clarifying that the account had been opened at his instance. The special court has allowed her and her husband to become approvers in the case on the condition that they would make full and true disclosure.
Case in U.K.
The extradition of Mr. Mallya has been approved by the Westminster Magistrates Court and confirmed by the U.K. High Court. He has also been denied permission to appeal in the U.K. Supreme Court. However, a final decision is pending with the UK’s Home Department since long.
The Westminster Magistrates Court has also ordered the extradition of Mr. Nirav Modi to India, while Mr. Choksi is facing extradition proceedings in Antigua. He had gone missing from Antigua on May 23 and was later found in Dominica.
Earlier this week, the Dominican High Court allowed Mr. Choksi to travel back to Antigua on bail for treatment. He has alleged that he was abducted by some persons in Antigua, assaulted and taken to Dominica.
