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ED transfers Rs 9,371 cr -- 41% of fraud by Mallya, Modi, Choksi -- to PSBs, govt

ED transfers Rs 9,371 cr -- 41% of fraud by Mallya, Modi, Choksi -- to PSBs, govt

The transferred assets of Rs 9,371 crore were sent to various public sector banks as well as the central government, said the Enforcement Directorate

ED transfers Mallya, Modi, Choksi's assets to PSBs ED transfers Mallya, Modi, Choksi's assets to PSBs

The Enforcement Directorate has transferred Rs 9,371 crore out of the total assets worth Rs 18,170 crore seized from Vijay Mallya, Nirav Modi and Mehul Choksi to various public sector banks as well as the central government. Vijay Mallya, Nirav Modi and Mehul Choksi's defrauding have resulted in total loss of Rs 22,585.83 crore to banks.

The assets were seized under Prevention of Money Laundering Act

In a tweet a short while back, ED said that the amount attached/seized from the trio is 80% of the total losses to the banks.

"ED not only attached/seized assets worth of Rs 18,170.02 crore (80.45% of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs 9,371.17 crore to PSBs and Central Government," said the tweet.

"Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded PSBs by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks," ED said in a release today, which means that 41 per cent of the assets have been transferred to PSBs and government.

"As a sequel to FIR by CBI, the ED has unearthed a myriad web of domestic and international transactions and stashing of assets abroad. Investigation has also irrevocably proved that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks," the ED release said.  

The ED has also taken immediate steps to attach/seize assets worth Rs 18,170.02 crore which included assets worth of Rs 969 crore located in foreign countries, it added.

"The investigation by the ED has proved that substantial part of these assets were held in the names of dummy entities/trusts/third persons/ relatives of these accused and these entities were proxy of these accused to hold these assets," ED said.

Prosecution Complaints have been filed against all the three accused after completion of PMLA investigation. Extradition requests have been sent for these persons to the UK and Antigua and Barbuda.

Also read: Mehul Choksi arrested in Dominica; to be handed over to Antigua Police

Also read: Mehul Choksi's 'friend' Barbara Jabarica says he 'flirted' with her, gave fake diamond ring