Extradition requests have been despatched for these individuals to UK and Antigua and Barbuda (File)
New Delhi:
Belongings price Rs 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred by the Enforcement Directorate to state-run banks to grasp the losses on account of the fraud dedicated towards them by the three males.
The ED had connected/seized belongings price Rs 18,170.02 crore, which included belongings price of Rs 969 crore positioned in international nations. The quantum of the connected and seized belongings represents 80.45% of complete financial institution loss.
Vijay Mallya, Nirav Modi and Mehul Choksi – all going through extradition trials – have defrauded Public Sector Banks by siphoning off the funds by their firms which resulted in complete lack of Rs 22,585.83 crore to the banks.
Being attentive to the event, Finance Minister Nirmala Sitharaman mentioned “fugitives and financial offenders can be actively pursued” and dues recovered.
Fugitives & financial offenders can be actively pursued; their properties connected & dues recovered.#PSBs have already recovered ₹1357 Cr by promoting such shares.
A complete of ₹9041.5 Cr shall be realised by banks by sale of such connected belongings.https://t.co/e6F7n8drdlhttps://t.co/Jw96WlfjHX— Nirmala Sitharaman (@nsitharaman) June 23, 2021
As a sequel to an FIR by the CBI, the ED unearthed an internet of home and worldwide transactions and stashing of belongings overseas.
Investigation has additionally proved, says the ED, that these three accused individuals used dummy entities managed by them for rotation and siphoning off the funds offered by the banks.
Prosecution complaints have been filed towards all of the three accused after completion of the cash laundering investigation.
Extradition requests have been despatched for these individuals to UK and Antigua and Barbuda.
The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court docket and confirmed by the UK Excessive Court docket. Since, Vijay Mallya has been denied permission to file attraction within the UK Supreme Court docket, his extradition to India has grow to be remaining.
The Westminster Magistrates Court docket has ordered extradition of Nirav Modi to India. It’s pertinent to say right here that Nirav Modi has been in London Jail for final two years and three months on the premise of extradition request by India.
Nirav Modi and Vijay Mallya have additionally been declared Fugitive Financial Offenders by a PMLA Court docket in Mumbai.
Just lately, the ED has transferred shares connected by it (price of Rs 6,600 crore approx) to SBI-led consortium as per order of PMLA Particular Court docket, Mumbai.
Debt Restoration Tribunal on behalf of the consortium of banks has offered the shares for over 5,800 crore.
The transferred connected belongings additionally embrace actual property properties and different movable belongings of the fugitives.
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