The State Bank of India (SBI) has obtained Rs 792.11 from the sale of shares in the Kingfisher Airlines / Vijay Mallya case, the Enforcement Directorate said on July 16. The shares were offered by the ED to the federation.
Earlier, the organization had received Rs 7,181.50 crore for disposing of property provided by ED. In addition, assets costing Rs 1,060 crore have been approved by banks by the Fugitive Economic Offense Court in the case of Nirav Modi and Rs 329.67 crore has been confiscated by the ED under the provisions of the Fugitive Economic Offenders Act.
On July 1, Nirav Modi’s sister Purvi Modi transferred $ 17.25 million in criminal proceeds from his foreign bank account to ED. The director also donated assets worth R7,728.64 million to the SBI-led council, including shares of Rs 3,644.74 crore, draft claims for 54.33 crore and immovable property worth Rs 29.57 crore.
“Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded public sector banks by withdrawing money from their companies which has resulted in a total loss of Rs 22,585.83 in banks. To date ED has transferred assets worth Rs 12,762.25 to Public Sector banks and Rs. , ”ED said in a statement.
The director also received Rs 17.25 million from Purvi Modi. Currently, assets accounting for 58% of bank overdrafts have been handed over or taken from the Government. “It can be said that the ED attached / seized assets of Rs 18,217.27 crore under the provisions of the PMLA (Prevention of Money Laundering Act),” said the ED.
