Bank recovers ₹18,000 crore from Mallya, Choksi & Nirav Modi, informs Solicitor General to SC

|HT|

Banks have recovered ₹18,000 crore from fugitives Vijay Mallya, Nirav Modi and Mehul Choksi, Solicitor General Tushar Mehta told the Supreme Court on Wednesday. Mehra told the Justice AM Khanwilkar-led bench the value of cases registered under the Prevention of Money Laundering Act (PMLA) against Mallya, Modi, and Choksi is now ₹67,000 crore.

"The Enforcement Directorate (ED) in the cases of Vijay Mallya, Nirav Modi and Mehul Choksi has managed to confiscate assets worth over ₹18,000 crore due to orders passed by the courts under (the) PMLA," Mehra said.

In December Finance Minister Nirmala Sitharaman had said that as of July 2021 banks had recovered ₹13,109 crore after sale of assets belonging to the three fugitives.

At the time the latest tranche of recoveries was valued at ₹792 crore.

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