Rs 18,000 Crore Returned To Banks From Vijay Mallya, Nirav Modi And Mehul Choksi: What We Know

A total of Rs 18,000 crore has been returned to the banks in case of Vijay Mallya, Nirav Modi, and Mehul Choksi, the government has told the Supreme Court.

Solicitor General Tushar Mehta told the SC that total proceeds of crimes in the Prevention of Money Laundering Act (PMLA) cases pending before the top court amounts to Rs 67,000 crore.

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He further added that as on date 4,700 cases are being investigated by the Directorate of Enforcement and the number of the cases taken up for investigation each year in the last 5 years varies from 111 cases in 2015-16 to 981 in 2020-21. Mehta submitted before the bench that Rs 18,000 crore have been returned to the banks in the case of Vijay Mallya, Nirav Modi and Mehul Choksi.

The top court is hearing a clutch of petitions, challenging the wide scope of powers available to the directorate of enforcement (ED) for search, seizure, investigation, and attachment of proceeds of crime under the law.

Mehta submitted before the bench, also comprising Justices Dinesh Maheshwari and C.T. Ravikumar, that during the last five years (2016-17 to 2020-21), only 2,086 cases were taken up for investigation under the PMLA out of registration of FIR of approximately 33 lakh for predicate offences by the police and other enforcement agencies.

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Earlier this month, the SC had given a final opportunity to Mallya, who is accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, to appear before it personally or through his lawyer in a contempt case where he has been found guilty.

The top court said it had given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its last order dated November 30, 2021.

On November 30 last year, the top court had said it cannot wait any longer and the sentencing aspect in the contempt matter against Mallya would be dealt with finally.

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Mallya, who is presently in the United Kingdom is facing extradition to India.

He has already exhausted all his avenues of appeal in the UK and the extradition has been delayed due to certain ¡°confidential proceedings¡±.

Last month Sebi has barred fugitive businessman Mehul Choksi and one Rakesh Girdharlal Gajera from the capital markets for one year and levied a fine totalling Rs 2.5 crore on them for violating insider trading rules in the matter of Gitanjali Gems.

BCCL

Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore.

Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request.

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