February 6, 2023

Finance Minister Nirmala Sitharaman mentioned dues can be recovered from fugitives and financial offenders.

New Delhi:

Finance Minister Nirmala Sitharaman at this time mentioned the federal government will actively pursue instances towards financial offenders to carry again defrauded cash of banks.

The comment got here quickly after the Enforcement Directorate (ED) mentioned the Debts Recovery Tribunal (DRT) has bought shares price over Rs 5,800 crore of United Breweries Limited (UBL) that have been earlier hooked up below the anti-money laundering regulation as a part of an alleged financial institution fraud probe towards fugitive liquor baron Vijay Mallya.

“Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. PSBs have already recovered Rs 1357 Cr by selling such shares. A total of Rs 9041.5 Cr shall be realised by banks through sale of such attached assets” the Finance Minister mentioned in a tweet.

According to the Enforcement Directorate, Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded public sector banks by siphoning off the funds by means of their firms which resulted in complete lack of Rs 22,585.83 crore to the lenders.

The newest sale proceeds, as per the company, would take the overall worth of restoration to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.

The three, who fled abroad as probes towards them gathered tempo, are being investigated by central investigative businesses such because the ED and the Central Bureau of Investigation (CBI) after they have been alleged to have cheated banks.

The Enforcement Directorate gave the low-down on these two instances — the estimated Rs 13,000 crore fraud allegedly carried out by diamond dealer Nirav Modi, his uncle Mehul Choksi and others within the Brady House department of PNB in Mumbai, and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Vijay Mallya — in a press release.

(Except for the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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