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A consortium of banks led by the country’s largest lender, State Bank of India (SBI), has realised Rs 792.11 crore after selling shares handed over to it by the Enforcement Directorate (ED), following confiscation to assets of fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.
The ED said that till date assets worth Rs 13,109.17 crore have been handed over to banks.
Last month, the ED handed assets worth Rs 9,371.17 crore to banks and the government on behalf of these three people. The organisation has so far attached assets worth Rs 18,170.02 crore, which is 80.45 percent of total loss to banks caused by these three people.
The assets have been seized by the ED under the Prevention of Money Laundering Act (PMLA).
The lenders have been trying to recover money from the three businessmen, who have been elusive for years now. It’s been nearly seven years since Rs 9,000 crore of loans given to Vijay Mallya’s grounded Kingfisher Airlines was tagged NPA (non-performing asset), while diamantaires Nirav Modi and Mehul Choksi, main accused in the Punjab National Bank (PNB) loan fraud case, have caused losses worth Rs 13,000 crore to the bank.
