ED transfers Rs 9,371 crore assets seized from Vijay Mallya, Mehul Choksi and Nirav Modi to PSBs, Centre
👉Vijay Mallya is accused of defrauding a consortium of banks, including the State Bank of India. Both Nirav Modi and his uncle Mehul Choksi are wanted in the Punjab National Bank (PNB) fraud worth ₹14,500 crore.
👉The three fugitives cheated the public sector banks of ₹22,586 crore, out of which 80.45% ( ₹18,170 crore) has been attached/seized by the ED, the agency said in a release.
👉Judge Michael Briggs handed down the judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by lawyers of the ex-liquor baron
👉Mallya’s barrister, Philip Marshall, had referenced witness statements of retired Indian judges in previous hearings to reiterate that there is “public interest under Indian law” by virtue of the banks being nationalised.
Cases Against Fugitives, Economic Offenders to be Actively Pursued : Nirmala Sitharaman
👉Finance Minister Nirmala Sitharaman on Wednesday said the government will actively pursue cases against economic offenders to bring back defrauded money of banks.
👉"Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. #PSBs have already recovered Rs 1357 Cr by selling such shares".
👉According to ED, Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the lenders.
👉The ED gave the low-down on these two cases -- the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai, and the about Rs 9,000 crore
