ED Passes On assets of wanted Business Magnets worth over 9K Crore to banks

Wed Jun 23 2021 20:39:15 GMT+0530 (IST)

As a big development in the battle of the conundrum of banks to recover the bank loans taken by the fugitive businessmen, the economic intelligence agency Enforcement Directorate(ED) transferred assets worth over 9,000 to the government banks.

Going into detail, the Enforcement Directorate had transferred assets worth Rs Rs 9,371 that were seized from Vijay Mallya, Nirav Modi, and Mehul Choksi to the banks.

Only a portion of assets seized by the Enforcement Directorate from the fugitive business magnets who were wanted by the banks over the bank fraud. In total, the ED sleuths have attached crores worth Rs 18,170.02 crore, and assets worth over Rs 9k crore were transferred.

In an official statement, the federal agency said that, besides attaching the assets worth Rs 18,170.02 crore that belong to Vijay Mallya, Nirav Modi, and Mehul Choksi, under the Prevention of Money Laundering Act, a portion of them were shifted to the banks. The seized assets translate to 80.45 percent of the losses incurred by the banks, ED said.

After digging deeper into the case, it was found that the three accused business magnates have floated shell companies to rotate the money and carry out the transactions in connection with the money trail. The transactions include domestic and board too.

Coming to the extradition of the business magnets, India is not leaving any stone unturned in this regard. The process is underway in connection with the extradition process. Out of the trio, Vijay Mallya is expected to reach India quickly.

Earlier, the Supreme Court in the United Kingdom restrained him from moving the court to counter India's extradition efforts. This pushes him towards India a bit closer, while the duo is expected to reach the climax soon.