Banks Get Part Of Vijay Mallya, Nirav Modi, Mehul Choksi's Seized Assets: All You Need To Know
Assets worth ? 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred by the Enforcement Directorate to state-run banks that will help them recover losses on account of the fraud.
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.
Here's all that we need to know:
How much has been seized and how much is the loss?
With the latest transfer, assets worth ?9,371 crore have been handed over to the banks so far, which amounts to 40% of their losses, the agency said. These include assets worth ?329.67 crore that were confiscated, the agency further said.
So far, the agency has seized assets worth ?18,170.02 crore, which include assets worth of ? 969 crore located in foreign countries. The value of those assets represents 80.45% of the total bank loss.
Extradition of the trio
Vijay Mallya, Nirav Modi and Mehul Choksi - all facing extradition trials - have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of ? 22,585.83 crore to the banks.
Mallya is accused of fraud and money laundering allegedly amounting to around ?9,000 crore.?Choksi and Modi are wanted in India for ?13,500 crore bank fraud in Punjab National Bank.
Money trail unearthed by ED
The ED said that it unearthed the money trail by exposing a web of domestic and international transactions and stashing of assets abroad. The investigation revealed that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, it said.
The agency also said that extradition requests have been sent to countries where the three accused are living. While Mallya and Modi live in London (the UK), Choksi chose Antigua and Barbuda after running away from India.
Prosecution complaints have been filed against all the three accused after completion of the money laundering investigation. Extradition requests have been sent for these persons to UK and 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.
The Westminster Magistrates Court has ordered extradition of Nirav Modi to India. He has been in a London jail for the past two years on the basis of an extradition request by India.Nirav Modi and Vijay Mallya have also been declared Fugitive Economic Offenders by a PMLA Court in Mumbai.
