The Enforcement Directorate (ED) has transferred attached properties worth Rs 9,371 crore (approx) to public sector banks, which were reportedly incurred due to bank frauds committed by liquor baron Vijay Mallya, diamond traders Mehul Choksi and Nirav Modi.
In a press statement issued on Wednesday, the federal agency said Mallya, Modi, and Choksi had cheated public sector banks by closing funds through their companies, resulting in a total loss of Rs 22,585.83 crore to banks.
The agency said that as a sequel to the FIR by the CBI, the Enforcement Directorate has detected innumerable webs of domestic and international transactions and acted swiftly, and accumulated assets abroad.
The ED has claimed that its investigation has also proved that the three accused used dummy institutions controlled by them to rotate and close the money provided by the banks.
The agency further said it took immediate steps to attach/seize assets worth Rs 18,170.02 crore which includes assets worth Rs 969 crore located abroad. The amount of attached and seized properties is 80.45% of the total bank loss is Rs 22,585.83 crore.
The agency further claimed that its investigation has established that a substantial portion of these assets was named after dummy entities/trusts/third persons/relatives of these accused and these institutions were proxy of these accused to keep these assets.
The agency has already filed a charge sheet against the three accused after completion of investigation under the Prevention of Money Laundering Act (PMLA). Extradition requests have been sent to the UK and Antigua and Barbados for the men, the agency said.
The Westminster magistrates court has ordered the extradition of Vijay Mallya and is confirmed by the UK High court. Since Vijay Mallya has been refused permission to file an appeal in the UK Supreme Court, his extradition to India has been finalized”, read the press statement.
The extradition of Nirav Modi has also ordered by the Westminster Magistrate court. Fugitive diamond merchant Nirav Modi has been lodged in a London jail for the past two years and three months based on India’s extradition request.
Nirav Modi and Vijay Mallya have also been declared fugitive economic offenders by a PMLA court in Mumbai. The ED has recently transferred its shares (Rs 6,600 crore). The agency further said that on behalf of the SBI-led consortium on Wednesday, the DebtRecovery Tribunal (DRT) sold shares of United Breweries NSE-3.61% Ltd for Rs 5,824.50 crore.
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