ED transfers assets of Vijay Mallya, Nirav Modi, Mehul Choksi worth ₹8,441.50 cr. to banks

ED transfers assets of Vijay Mallya, Nirav Modi, Mehul Choksi worth ₹8,441.50 cr. to banks

Assets worth ₹8,441.50 crore by the Enforcement Directorate has transferred to public sector banks that suffered losses to the tune of ₹22,585.83 crore due to frauds committed allegedly by Vijay Mallya, Nirav Modi and Mehul Choksi.

According to the reports, the agency informed that it recently transferred attached shares worth ₹6,600 crores to a State Bank of India-led consortium as per an order of PMLA Special Court, Mumbai.

On 23 June the Debt Recovery Tribunal, on behalf of the consortium, sold the shares of United Breweries Limited for ₹5,824.50 crores. The further realisation of ₹800 crores by the sale of shares is expected by June 25.

Owing to the help extended by the ED, the public sector banks had earlier recovered ₹1,357 crores by selling the shares. “Thus, the banks shall be realising a total amount of ₹9,041.50 crores through the sale of a part of the assets attached/seized by the ED…,” said the agency.

As of date, of the total attachment worth ₹18,170.02 crores, assets valued at ₹329.67 crores have been confiscated and properties worth ₹9,041.50 crores amounting to 40% of the total loss to the banks have been handed over to them.

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