INDIA: The Enforcement Directorate (ED) has announced that it had seized assets worth Rs. 18,170.02 crore in the cases of economic offenders Vijay Mallya, Nirav Modi, and Mehul Choksi. According to the reports, the assets attached by the ED under the Prevention Of Money Laundering Act (PMLA) account for 80.45% of the total loss to banks. Along with this, the ED has also transferred a part of the seized assets of Rs. 9371.17 Crore to the PSBs and Central Government.
Charges against economic offenders
Ex-owner of Indian liquor brand Kingfisher, Vijay Mallya faces charges of fraud and money laundering. The case is related to the Rs 9000 crores that were borrowed by Kingfisher Airlines (KFA) from several Indian banks. 11 Indian banks led by the State Bank Of India had estimated a loss of over Rs 6,200 crore due to Mallya’s scam. They have now sought restoration of his properties seized by the ED.
Indian businessman Nirav Modi who was arrested on March 19, 2019, has been accused to be the “principal beneficiary of the fraudulent issue of letters of undertaking as part of a conspiracy to defraud PNB to the extent of Rs 13,578 crore.
Along with Modi, owner of Gitanjali jewelers, Mehul Choksi has also been accused of duping the Punjab National Bank and siphoning off the money using letters of undertaking.