ED Deposits Rs 9300 Crores Back to Bank After Seizing Properties Of Vijay Mallya, Nirav Modi, Mehul Choksi

New Delhi, 23rd June 2021: Fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi, who fled abroad after robbing banks, have been dealt a major blow by the Enforcement Directorate (ED). All the three industrialists had gone abroad by defaulting on loans from public sector banks.

In this regard, the ED had seized assets worth Rs 18,170 crore belonging to Nirav Modi, Vijay Mallya and Mehul Choksi. Of this, Rs 9,000 crore has been transferred by the ED to debt-ridden public sector banks and the central government.

The ED had seized assets worth Rs 18,170 crore from industrialist Vijay Mallya, diamond trader Nirav Modi and Mehul Choksi under the Prevention of Money Laundering Act 2002 (PMLA) in a disproportionate assets case. Out of this, assets worth Rs 9,371.17 crore have been transferred to debt-ridden public sector banks.

“The ED has seized assets worth Rs 18,170.02 crore (80.45 per cent of the total losses of banks) in the case of Vijay Mallya, Nirav Modi and Mehul Choksi under the Prevention of Wealth Act, 2002 (PMLA) alone. Out of this, assets worth Rs 9,371.17 crore have been transferred to state-owned banks and the central government,” the ED said in a tweet.

Mehul Choksi and Nirav Modi have been accused of embezzling Rs 13,500 crore from Punjab National Bank by holding hands with some bank officials. Nirav Modi is currently in a London jail, while Mehul Choksi is in a Dominica jail. Both are being investigated by the CBI and efforts are being made to bring them to India.

On the other hand, Vijay Mallya is under investigation for embezzling Rs 9,000 crore and amassing disproportionate assets. This includes Kingfisher Airlines.