SBI, Other Lenders Recover Rs 792 Cr By Selling Shares Of Fugitives Mallya, Nirav Modi & Choksi

With this, the total recovery from the sale of assets of the three fugitive businessmen now stands at Rs 13,109.17 crores.

(File Photos/ Getty)

New Delhi: A consortium led by the State Bank of India (SBI) has recovered another Rs 792.11 crores by the sale of shares belonging to fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi, informed the Enforcement Directorate (ED) on Friday.

With this, the total recovery from the sale of assets of the three fugitive businessmen now stands at Rs 13,109.17 crores.

Mallya, the owner of the now-defunct Kingfisher Airlines, owes over Rs 9,000 crore to a consortium of banks in principal and interest, while Nirav Modi and Choksi - the main accused in the Punjab National Bank (PNB) loan fraud case - have caused losses worth Rs 13,000 crores to the bank.

The SBI-led consortium had earlier realized Rs 7181.50 crores by liquidating the assets handed over by the Enforcement Directorate.

Besides, assets worth Rs 1,060 crores has been allowed to the banks by Fugitive Economic Offense Court in the PNB/ Nirav Modi case and Rs 329.67 crores have been confiscated by the Enforcement Directorate under provisions of Fugitive Economic Offender Act.

Nirav Modi’s sister Purvi Modi had earlier on July 1 this year transferred Rs 17.25 crores from proceeds of crime from her foreign bank account to the Enforcement Directorate.

The Enforcement Directorate had earlier a few days before further handed over assets worth Rs 3,728.64 crores, including shares of Rs 3,644.74 crores, demand draft of Rs 54.33 crores and immovable properties worth Rs. 29.57 crores, to the SBI-led consortium.

The three fugitive businessmen had allegedly defrauded various Public Sector Banks (PSBs) by siphoning off the funds through their companies, resulting in a total loss of Rs 22,585.83 crores to the banks.

According to a release, the Enforcement Directorate’s investigation based on a First Information Report (FIR) by the Central Bureau of Investigation (CBI) proved that the three accused used dummy entities controlled by them, for rotation and siphoning off the funds provided by the banks.

The seized assets worth Rs 18,170.02 crores, includes assets worth Rs 969 crores located in foreign nations.

The prosecution complaints, along with extradition requests to the United Kingdom (UK), Antigua and Barbuda have been filed against the trio after completion of the Prevention of Money Laundering Act (PMLA) probe.