ED tranfers banks ₹9,371.17 Cr assets seized from Vijay Mallya, Nirav Modi and Mehul Choksi

Vijay Mallya is accused of defrauding a consortium of banks, including the State Bank of India. Both Nirav Modi and his uncle Mehul Choksi are wanted in the Punjab National Bank (PNB) fraud worth ₹14,500 crore.

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The Enforcement Directorate (ED) on Tuesday transferred assets worth 8,441 crore to banks who had suffered huge losses due to frauds done by Vijay Mallya, Nirav Modi and Mehul Choksi. The three fugitives cheated the public sector banks of 22,586 crore, out of which 80.45% (18,170 crore) has been seized by the ED, the agency said by tweeting on twitter.

With the latest transfer, assets worth 9,371 crore have been handed over to the banks so far, which amounts to 40% of their losses, ED said. These include assets worth 329.67 crore that were confiscated, the agency further added.

The investigation done by ED, revealed that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, it said.

The agency also added “extradition requests have been sent to countries where the three accused are living. While Mallya and Modi live in London (United Kingdom), Mehul Choksi chose Antigua and Barbuda after running away from India.’

Mallya has been denied permission to file any appeal in the UK Supreme Court, which has made his extradition to India almost final. While Modi’s extradition to India has also been cleared that Mehul Choksi is fighting a legal battle in Antigua

Vijay Mallya and Nirav Modi have been declared fugitive economic offenders by PMLA court in India.

Nirav Modi was arrested on March 19, 2019 in London (the UK) and after he was arrested he was produced in Westminster Court, and was lodged at London’s Wandsworth Prison. From the prison, he appeared on the hearings via video link as the case went on for years. Once the case gets over in London, Nirav Modi will be kept at Mumbai’s Arthur Road Jail, which kept a special cell ready for him at barrack 12. If he get lodged in this barrack, earlier prepared for Vijay Mallya, Nirav Modi is likely to get his personal space of three square meters, where a cotton mat, pillow, bedsheet and blanket will be provided, sources said.