ED transfers Vijay Mallya-promoted UB shares worth over Rs 5,600 crore to recovery officer's demat account
ED transfers Vijay Mallya-promoted UB shares worth over Rs 5,600 crore to recovery officer's demat account
AFP

A State Bank of India (SBI) led consortium on Friday realised Rs 792.11 crore by sale of shares in Kingfisher Airlines with regards to the Vijay Mallya case.

These shares were handed over by the Enforcement Directorate (ED) to the consortium.

"Earlier SBI led consortium had realised Rs 7181.50 crore by liquidating assets handed over to SBI led consortium by the ED. In addition, Rs 1060 crore worth asset has been allowed to the banks by Fugitive Economic Offense Court in PNB/ Nirav Modi Case & Rs. 329.67 Crore has been confiscated by ED under provisions of FEOA," ED said in a statement.

"On 1st July 2021, Purvi Modi (sister of Nirav Modi) has transferred Rs. 17.25 Crore from proceeds of Crime from her foreign bank account to ED," it added.

Earlier, ED had handed over assets worth Rs 3728.64 crore to the SBI led consortium including shares of Rs 3644.74 crore, demand draft of Rs 54.33 crore, and immovable properties worth Rs 29.57 crore, agency officials said.

Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded state owned banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the lenders.

Till date, ED has transferred assets worth Rs 12,762.25 crore to the public sector banks and confiscated assets of Rs 329.67 crore. ED had also recovered Rs 17.25 crore from Purvi Modi.

As on date, assets worth 58% of total loss to the banks have been handed over to Banks/confiscated to GOI. ED has attached/seized assets of Rs. 18,217.27 crore under the provision of PMLA.

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