How Banks Recouped 40% Losses From Vijay Mallya, Nirav Modi, Mehul Choksi

Investigation has also proved, says the ED, that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.

Extradition requests have been sent for these persons to UK and Antigua and Barbuda (File)

New Delhi: Assets worth Rs 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi have been transferred by the Enforcement Directorate to state-run banks that will help them recover losses on account of the fraud.

Here's your 10 point cheat sheet to the story:

  1.  So far, the agency has seized assets worth Rs 18,170.02 crore, which include assets worth of Rs 969 crore located in foreign countries. The value of those assets represents 80.45% of the total bank loss.

  2. Of these attached assets, Rs 10,000 crore belongs to Vijay Mallya alone, including shares in United Breweries Limited and related entities worth over Rs 8,000 crore. The rest include Kingfisher brand, logo, helicopter, vehicle, properties and money in foreign accounts. The agency has attached diamonds, gems and vehicles belonging to Nirav Modi and Mehul Choksi. Windmill farm, a factory in Thailand, residential and other real estate properties have also been attached.

  3. "As on date, out of the total seized assets of Rs 18,170.02 crore, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), assets worth of Rs 329.67 crore were confiscated and assets worth Rs 9041.5 crore, representing 40 per cent of the total loss to the bank have been handed over to the Public Sector banks," the Enforcement Directorate said on Wednesday.

  4. Citing the move, Finance Minister Nirmala Sitharaman, in a tweet, said, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered."

  5. Vijay Mallya, Nirav Modi and Mehul Choksi - all facing extradition trials - have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks.

  6. After the CBI FIR in the matter, the Enforcement Directorate unearthed a web of domestic and international transactions and stashing of assets abroad linked to the borrowed money.

  7. Investigation has also proved, says the ED, that these three accused persons used proxies, or dummies, for rotation and siphoning off the funds provided by the banks.

  8. Upon completion of the probe in the money laundering case, extradition requests were sent for these three persons to the UK and Antigua and Barbuda. The extradition of Vijay Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since, Vijay Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final.

  9. The Westminster Magistrates Court has ordered extradition of Nirav Modi to India. He has been in a London jail for the past two years on the basis of an extradition request by India.

  10. Recently, the ED has transferred shares attached by it (worth of Rs 6,600 crore approx) to SBI-led consortium as per order of PMLA Special Court, Mumbai. Debt Recovery Tribunal, on behalf of the consortium of banks, has sold the shares for over Rs 5,800 crore. The transferred attached assets also include real estate properties and other movable assets of the fugitives.