New Delhi: The Enforcement Directorate (ED) today said that a consortium led by the country’s largest lender, State Bank of India (SBI) has recovered another ₹792.11 crore by the sale of shares belonging to fugitive businessmen Vijay Mallya, Nirav Modi, and Mehul Choksi.
The assets have been seized by the Central agency under the Prevention of Money Laundering Act (PMLA). The realized was handed over by the ED to the consortium of banks. With this, the total recovery from the sale of assets of Mallya, Modi, and Choksi now stands at ₹13,109.17 crore, as per an official release.
While Mallya, the owner of the now-defunct Kingfisher Airlines, owes over ₹9,000 crore to a consortium of banks in principal and interest, diamantaires Modi and Choksi, who are the main accused in the Punjab National Bank (PNB) loan fraud case, have caused losses worth ₹13,000 crores to the bank. In addition, ₹1,060 crores worth asset has been allowed to the banks by Fugitive Economic Offense Court in the PNB/ Nirav Modi case and ₹329.67 crores have been confiscated by ED under provisions of Fugitive Economic Offender Act.
