On Friday (July 16), a consortium of banks led by the State Bank of India (SBI) recovered ₹792.11 crores from fugitives and wilful defaulters such as Vijay Mallya, Nirav Modi, and Mehul Choksi.
As per reports, the banks sold the shares of the three businessmen that were handed to them by the Enforcement Directorate (ED). The central agency had confiscated their assets under the stringent Prevention of Money Laundering Act (PMLA). According to ED, it has recovered ₹13,109.17 crores through the sale of its assets to banks, out of ₹9,371 crores worth of assets was handed in June. Till date, a total of assets worth ₹18,170.02 crores have been confiscated by the Enforcement Directorate, which constitutes 80.45% of the total loss to banks.
Today, SBI led consortium has further realized Rs. 792.11 Crore by sale of shares handed over to consortium by ED. Till date assets worth Rs. 13,109.17 Crore have been handed over to Bank/ confiscated to GOI in case of Vijay Mallya, Nirav Modi and Mehul Choksi.— ED (@dir_ed) July 16, 2021
The nationalised banks have been trying to recover the loan handed out to Vijay Mallya, Nirav Modi, and Mehul Choksi. While Nirav Modi and Choksi have caused losses to the tune of 14000 crores to Punjab National Bank (PNB) and others, Vijay Mallya owes over ₹9000 crores to banks. The liquor baron had lost his extradition case in the United Kingdom and has not been granted an appeal in the UK Supreme Court.
Fugitive Mehul Choksi granted bail in Dominica on medical grounds
Earlier on Monday (July 12), fugitive diamantaire Mehul Choksi was given interim bail by the Dominican High Court on medical grounds. He was allowed to go to Antigua and Barbados for treatment of his neurological condition. He was granted bail until he was fit for travel. Choksi was also asked to deposit Eastern Caribbean Dollars 10,000 (approximately Rs 2,75,000) as bail money to seek medical treatment. The court had stayed his ongoing trial over his alleged illegal entry into Dominica on May 23 until his return.
Indian investigative agencies had sought his repatriation to India in the Rs 13,500 crore Punjab National Bank (PNB Scam) which was unearthed in February 2018. Choksi along with his nephew Nirav Modi were the prime accused. Choksi had argued that he was no longer an Indian citizen as he took Antiguan citizenship in 2017.