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In Vijay Mallya Case Banks Recover 792 Crore By Share Of Kingfisher

In Vijay Mallya Case Banks Recover 792 Crore By Share Of Kingfisher
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In Vijay Mallya Case Banks Recover 792 Crore By Share Of Kingfisher

In Vijay Mallya Case Banks Recover 792 Crore By Share Of Kingfisher

The confiscated assets of Vijay Mallya, Mehul Choksi and Nirav Modi worth Rs 9,371 crore have been handed over to the banks.

New Delhi. A consortium of banks led by State Bank of India (SBI) has recovered Rs 792.11 crore by selling shares of Kingfisher Airlines. This has been confirmed by the Enforcement Directorate (ED) on Friday. In the Vijay Mallya case, these shares were handed over by the ED to the consortium. Earlier, the consortium had recovered Rs 7,181.50 crore from the liquidity of the property acquired from the ED.

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Assets worth Rs 3,728.64 crore handed over

On the other hand, Nirav Modi’s sister Purvi Modi had transferred Rs 17.25 crore from her foreign bank account to the ED on July 1. The directorate has handed over assets worth Rs 3,728.64 crore to the SBI-led consortium. This includes shares worth Rs 3,644.74 crore, demand draft of Rs 54.33 crore and immovable properties worth Rs 29.57 crore. The confiscated assets of Vijay Mallya, Mehul Choksi and Nirav Modi worth Rs 9,371 crore have been handed over to the banks.

Property worth Rs 12,762.25 crore transferred

The ED said in its statement that Vijay Mallya, Nirav Modi and Mehul Choksi misappropriated money by cheating public sector banks. Due to this, the banks 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. With this, properties worth Rs 329.67 crore have been attached. The directorate had received Rs 17.25 crore from Purvi Modi.

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so much property is attached or confiscated

As on date, 58 per cent of the total loss has been handed over to the banks. The ED has attached or attached assets worth Rs 18,217.27 crore based on the provision of PMLA (Prevention of Money Laundering Act).

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