Rs 9,371 crore assets of three fugitive businessmen given to banks

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The Enforcement Directorate has transferred assets worth Rs 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi to public sector banks. The decision was taken as part of the recovery of losses incurred by the three to the banks. Both Nirav Modi and his uncle Mehul Choksi are wanted in the Punjab National Bank (PNB) fraud worth Rs 14,500 crore.

ED clarified that the investigation revealed that the three businessmen had defrauded public sector banks through their companies. The three fugitives cheated the public sector banks of Rs 22,586 crore, out of which 80.45% ( ₹18,170 crore) has been attached/seized by the ED.

Examining domestic and international transactions, it was revealed that they had accumulated assets abroad as well. These include foreign assets worth Rs 969 crore.

Of the attached assets, shares worth Rs 6,600 crore belonging to Vijay Mallya-owned United Breweries Limited (UBL) were recently transferred to the SBI-led consortium. Of these, shares worth Rs 5,824.50 crore were sold by the Debt Recovery Tribunal (DRT) on behalf of the consortium. Another Rs 800 crore worth of shares are also likely to be sold by June 25, ED said.

Banks have also raised Rs 1,357 crore by selling some shares in the past with the entire co-operation. Banks will get another Rs 9,041.5 crore from the sale of freshly transferred assets.

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