ED attaches properties of Mallya, Modi and Choksi; hands over to consortium of banks

Bhubaneswar, June 23: The Enforcement Directorate (ED) has seized assets worth Rs 18,170 crore in cases related to fugitive businessmen Vijay Mallya, Nirav Modi and Mehul Choksi. About half of  the attached properties have been transferred to the consortium of Banks led by the State Bank of India after the Dept Recovery Tribunal issued directions in this connection on Wednesday. The ED has transferred assets worth ₹8,441.50 crore to public sector banks that suffered losses to the tune of ₹22,585.83 crore due to frauds committed allegedly by the three business tycoons. The Debt Recovery Tribunal, on behalf of the consortium, sold the shares of United Breweries Limited for ₹5,824.50 crore on Wednesday . Further, realization of Rs 800 crore by sale of shares is going to be recovered by June 25.  ED had earlier helped the public sector banks to   recover Rs 1,357 crore by selling the shares. Thus, the banks will realize a total amount of Rs 9,041.50 crore through sale of a part of the assets attached by the ED. Out of the total attachment worth Rs 18,170.02 crore, assets valued Rs 329.67 crore have been confiscated and properties worth Rs 9,041.50 crore amounting to 40% of the total loss to the banks have been repaid so far. As part of the investigation, the ED took steps to attach assets worth Rs18,170.02 crore, which included properties worth ₹969 crore located in foreign countries which is about 80.45% of total bank loss amounting Rs 22,585.83 crore.