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Banks recovered 792 crores by selling shares of Kingfisher Airlines

Banks recovered 792 crores by selling shares of Kingfisher Airlines
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Banks recovered 792 crores by selling shares of Kingfisher Airlines

Banks recovered 792 crores by selling shares of Kingfisher Airlines

Nirav Modi and Mehul Choksi have cheated the public sector banks by misappropriating money through their companies, due to which the banks have suffered a total loss of Rs 22,585.83 crore.

New Delhi. According to information released by the Enforcement Directorate on Friday, a consortium of banks led by the State Bank of India (SBI) recovered Rs 792.11 crore by selling shares of Kingfisher Airlines in the Vijay Mallya case. These shares of Kingfisher Airlines were handed over by the Enforcement Directorate to the consortium. Earlier, the same consortium had recovered Rs 7,181.50 crore through liquidity of properties handed over by the ED.

At the same time, in the Nirav Modi case, the Fugitive Economic Offenses Court has given permission to the banks to sell assets worth Rs 1,060 crore. ED has seized Rs 329.67 crore under the provisions of the Fugitive Economic Offenders Act.

On July 1, Nirav Modi’s sister Purvi Modi transferred Rs 17.25 crore from her foreign bank account to the ED. The Enforcement Directorate has handed over assets worth Rs 3,728.64 crore, including shares worth Rs 3,644.74 crore, demand drafts worth Rs 54.33 crore and immovable properties worth Rs 29.57 crore, to the SBI-led consortium.

22,585 crore loss to banks

The ED has said in its statement that Vijay Mallya, Nirav Modi and Mehul Choksi have cheated the public sector banks by misappropriating money through their companies, due to which the banks have suffered a total loss of Rs 22,585.83 crore. So far, the ED has transferred properties worth Rs 12,762.25 crore to public sector banks and attached properties worth Rs 329.67 crore.

The directorate had also recovered Rs 17.25 crore from Purvi Modi. As on date, assets worth 58 per cent of the total loss to banks have been handed over to them or forfeited by the government.

The ED said that it may be mentioned here that the ED has attached or attached assets worth Rs 18,217.27 crore under the provisions of the PMLA Vehicles Prevention of Money Laundering Act.









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