9,371 crore assets of Mallya, Mehul Choksi and Nirav Modi transferred to banks

New Delhi, 23 June

The impact of the government’s action in the case of bank scams in the country is now visible as assets worth Rs 9,371 crore of bank fraud accused Vijay Mallya, Mehul Choksi and Nirav Modi’s were  transferred to public sector banks today. According to the information, the property of the three absconding accused would be compensated for the loss due to the fraud.

The Enforcement Directorate tweeted that assets worth Rs 18,170.02 crore (80.45 per cent of total loss to banks) have been attached in the cases of Vijay Mallya, Nirav Modi and Mehul Choksi under Prevention of Money Laundering Act (PMLA). A part of the attached/confiscated assets worth Rs 9371.17 crore has also been transferred to the public sector banks and the central government, the report added.

The ED said that in the Vijay Mallya and PNB Bank fraud cases, 40 per cent of the bank’s money was recovered through the sale of shares seized under the PMLA.