Fraud accused Vijay Mallya, Nirav Modi, Mehul Choksi's assets worth Rs 9,371 crore given to PSBs
A total of 9,371 crore assets of fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred to public sector banks to compensate for the loss caused by fraud against them
A total of 9,371 crore assets of fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred to public sector banks to compensate for the loss caused by fraud against them. According to the information received, ED transferred attached properties worth Rs 8441.5 crore to public sector banks, which had suffered losses due to fraud by Vijay Mallya, Nirav Modi. Let us inform you that three fugitive businessmen (Vijay Mallya, Nirav Modi and Mehul Choksi) have cheated the public sector banks by misappropriating huge amounts through their companies, due to which the banks suffered a total loss of Rs 22,585.83 crore.
In this episode, the CBI registered an FIR and the Enforcement Directorate unearthed countless cases of domestic and international transactions, as well as having assets abroad. Along with this, it also came to the fore in the investigation that all the three accused had embezzled the money provided by the banks in turn by using fake institutions.
Taking immediate steps in the case, the Enforcement Directorate attached assets worth more than Rs 18,170 crore, which includes assets worth Rs 969 crore located abroad. The total assets seized so far are 80.45 percent of the losses incurred by the banks. ED's investigation has revealed that a large part of most of the properties was kept in the name of some fake company, third party, or trust.