Although Vijay Mallya, Nirav Modi, and Mehul Choksi fled and took refuge abroad, state-owned banks have recovered at least Rs 18,000 crore from them. The Narendra Modi government told the Supreme Court on Wednesday. According to the Center, the money was recovered by auctioning the properties of three fugitive industrialists accused of non-payment of bank dues and fraud.
Last December, Finance Minister Nirmala Sitharaman told Parliament that state-owned banks had recovered more than Tk 13,000 crore by auctioning off the properties of Mallya-Nirav-Mehul. However, she did not say how much money the banks owed to the three fugitives. According to a government source, Mallya owes at least Rs 9,000 crore to state-owned banks after he left the country. And the amount of Nirav-Mehul fraud in Punjab National Bank is about 14 thousand crore rupees.
CBI and ED are investigating the three fugitive industrialists. According to the investigating agency, more than Rs 18,000 crore has been recovered by confiscating the property of three persons at home and abroad. Among them, assets worth Rs 979 crore have been confiscated from abroad. In other words, the ED has confiscated more than 80 percent of the amount of money that these three people have cheated.
Mallya and Nirav are currently in Britain. Official sources claim that the process of repatriation has progressed a bit. On the other hand, Choksi is a prisoner in Dominica. New Delhi is also trying to bring him back to India.
