ED gives banks ₹9,371 crore assets seized from Vijay Mallya, Nirav Modi, Mehul Choksi

Vijay Mallya is accused of defrauding a consortium of banks, including the depository financial institution of India. Both Nirav Modi and his uncle Mehul Choksi are wanted within the Punjab commercial bank (PNB) fraud worth ₹14,500 crore.

The Enforcement Directorate (ED) on Tuesday transferred assets worth ₹8,441 crore to banks who suffered losses thanks to frauds by Vijay Mallya, Nirav Modi and Mehul Choksi. The three fugitives cheated the general public sector banks of ₹22,586 crore, out of which 80.45% ( ₹18,170 crore) has been attached/seized by the ED, the agency said during a release.

With the newest transfer, assets worth ₹9,371 crore are handed over to the banks thus far , which amounts to 40% of their losses, the agency said. These include assets worth ₹329.67 crore that were confiscated, the agency further said.

The ED said that it unearthed the cash trail by exposing an internet of domestic and international transactions and stashing of assets abroad. The investigation 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 said that extradition requests are sent to countries where the three accused live . While Mallya and Modi sleep in London (the UK), Choksi chose Antigua and Barbuda after deed from India.

Mallya has been denied permission to file appeal within the UK Supreme Court, which has made his extradition to India almost final. While Modi’s extradition to India has also been cleared, Choksi is fighting a legal battle in Antigua to prevent the court from sending him to India.

Mallya and Modi are declared fugitive economic offenders by PMLA court in India, which takes care of cases of cash laundering.

While Mallya is accused of defrauding a consortium of banks of over ₹9,000 crore involving his defunct Kingfisher Airlines, both Modi and his uncle Choksi are wanted within the Punjab commercial bank (PNB) fraud worth ₹14,500 crore.

Modi was arrested on Saint Joseph , 2019, and was lodged at London’s Wandsworth Prison. From the prison, he appeared on the hearings via video link because the case went on for years. Once extradited, Modi are going to be kept at Mumbai’s Arthur Road Jail, which kept a special cell ready for him at barrack 12. If lodged during this barrack, earlier prepared for Vijay Mallya, Modi is probably going to urge three square meters of private space, where a