Vijay Mallya, Nirav Modi and Mehul Choksi’s assets worth Rs.19,000 crores seized by Indian Government

The Government seized assets over Rs.19,000 crores belonging to Financial Crime fugitives Vijay Mallya, Nirav Modi and Mehul Choksi.

Bharatiya Janata Party leader Brij Lal asked the Finance minister Pankaj Chaudhary whether the government confiscated the properties of businessmen who fled abroad without paying the debt and return the money to banks. To this In a written reply, Finance Minister said, ” As on March 15, 2022 assets worth Rs.19,111.20 have been attached under the Provisions of PMLA(Prevention of Money Laundering Act)”.  Out of 19,111.20 crores Rs.15,113 crores have been refunded to the public sector bank

In addition to Rs.15,113, Rs.335.06 have been confiscated by the government. The Minister continued, ” As of March 15, 2022, 84.61 percent of the total defrauded funds in the cases have been seized and 66.91 percent of total loss to the bank have been confiscated by the government.”

Chaudary further noticed that as of March 15, 2022, The Directorate of Enforcement handed over Rs. 7,975.27 to the SBI by the sale of assets