The Enforcement Directorate ( ED) has transferred attached assets worth Rs. 9371 crore (approx) to build sector banks which had increased losses on account of banks frauds allegedly committed by liquor baron Vijay Mallya, Diamond merchants Mehul Choksi and Nirav modi .
The ED said in a tweet that assets worth Rs 18,170.02 crore were attached under PMLA in the case of Vijay Mallya, Nirav Modi and Mehul Choksi. This is equivalent to 80.45 per cent of the total loss to the banks. A part of it has been transferred to the banks and the government. The value of the transferred assets is Rs 9,371.17 crore. The ED has attached the properties of these accused under the Prevention of Money Laundering Act (PMLA).
Set off for the loss of banks.
The ED said that assets worth Rs 9,371 crore of fugitive accused Vijay Mallya, Nirav Modi and Mehul Choksi have been transferred to state-run banks to make up for the loss caused by the fraud. The ED said that Vijay Mallya, Nirav Modi and Mehul Choksi misuse their money through their companies, causing a loss of Rs 22,585.83 crore to the banks. Acting immediately, the ED attached assets worth Rs 18,170.02 crore of the accused, out of which Rs 969 crore was abroad.
The investigation by the ED has proved that substantial part of these assets were held in the names of dummy entities/ trusts/ third persons/ relatives of these accused and these entities were proxy of these accused to hold these assets. Prosecution Complaints have been filed against all the three accused after completion of PMLA investigation. Extradition requests have been sent for these persons to UK , Antigua and Barbuda . The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since , Vijay Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final.
