ED Retrieved Properties Worth Rs 14,131 Cr From Vijay Mallya, 1,052 Cr From Nirav Modi: Sitharaman In Lok Sabha

Sitharaman said 17.47 crore has been recovered from NSEL scam, 20.15 crore recovered from the SRS group, 19.40 crores from Rose Valley, 185.13 crore from Surya Pharmaceuticals Limited.

Finance Minister Nirma Sitharaman on Tuesday said the Enforcement Directorate (ED) has successfully retrieved properties worth Rs 22,280 crores from economic offenders, including Rs 14,131 crore from Vijay Mallya and Rs 1,052 from Nirav Modi.

Addressing the Lok Sabha during the Winter Session of the Parliament, Sitharama said, "ED has successfully restored properties valued at least 22,280 crores. I am only talking about the major cases... In Vijay Mallya case, 14,131.6 crore has been recovered and the complete amount of the attached property has been restored to the public sector banks."

"In Nirav Modi case, 1,052.58 crore has been restored to public and private banks," she said adding that the government has not spared anyone, even if they have fled the country. 

"We have not left anyone. Even if they have fled the country, we have gone after them. ED has collected the money and given back to the public sector banks," she said.

The finance minister said that apart from Nirav Modi and Vijay Mallya, 17.47 crore has been recovered from the National Spot Exchange Limited (NSEL) scam and given to the banks, 20.15 crore recovered from the SRS group, 19.40 crores from Rose Valley, 185.13 crore from Surya Pharmaceuticals Limited. In the Mehul Choksi case, properties worth Rs 2,565.90 crore have been attached and will be auctioned. 

Speaking on foreign black money, the minister said the Black Money Act of 2015 is actually having a deterrent effect on a lot of taxpayers and they come forward on their own to disclose their foreign assets. She said the number of taxpayers disclosing foreign assets has gone up to 2 lakh in 2024-25, from 60,467 in 2021-22. Under the Act, as of June 2024, demand of more than Rs 17,520 crore has been raised in 697 cases. Total 163 prosecutions have been launched.

Sitharaman also said that there is no generalised slowdown in manufacturing and half of the manufacturing sectors still showing strong growth. The retail inflation in April-October 2024-25 was 4.8 per cent, the lowest since the Covid pandemic, she said.

Speaking on inflation, the finance minister said that it is better controlled in NDA regime, while under the UPA government, the inflation touched double digits.