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SBI-led bank consortium gets Rs 792 crore by sale of Kingfisher Airlines’ shares in Vijay Mallya case

SBI-led bank consortium gets Rs 792 crore by sale of Kingfisher Airlines’ shares in Vijay Mallya case
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Vijay Mallya, who fled to the UK, is being probed by the ED and the CBI in reference to an alleged Rs 9,000 crore bank fraud.

The State Bank of India-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday acquired Rs 792.11 crore in its accounts after some shares, earlier connected below the anti-money laundering regulation, had been offered, the Enforcement Directorate stated.

With this, the Enforcement Directorate (ED) claimed that the banks and the federal government exchequer have realised 58 per cent out of the full fraud perpetrated in two of the nation’s largest legal bank mortgage heist circumstances until date.

Apart from the Mallya case, the opposite case pertains to over Rs 13,500 crore alleged bank mortgage dishonest in the Brady House (Mumbai) department of the Punjab National Bank that’s alleged to have been orchestrated by diamond service provider Nirav Modi and his uncle Mehul Choksi.

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“Today, SBI-led consortium has realised Rs 792.11 crore by sale of shares in Kingfisher Airlines or the Vijay Mallya case.

These shares had been handed over by the Enforcement Directorate to the consortium,” the central probe company stated in an announcement.

These shares had been earlier connected below the Prevention of Money Laundering Act (PMLA) by the ED as half of its legal investigation into the case.

Last month too, the banks consortium had realised greater than Rs 7,181 crore in the Mallya case after the same sale of connected shares.

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Mallya, who fled to the UK, is being probed by the ED and the CBI in reference to an alleged Rs 9,000 crore bank fraud linked to the operations of his now defunct Kingfisher Airlines.

The 65-year-old liquor baron has misplaced his case towards extradition to India and as he has been denied permission to file attraction in the UK Supreme Court, his extradition to India has grow to be remaining, the ED had earlier stated.

Over Rs 22,000 crore (Rs 22,585.83 crore in particular numbers) bank funds is said to have been “defrauded” in these two circumstances.

“As on date, property price 58 per cent of complete loss to the banks have been handed over to the banks or have been confiscated to be deposited in the accounts of the Government of India.

“It may be mentioned here that ED has attached/seized assets of Rs 18,217.27 crore (in these two cases),” the ED stated.

All the three accused — Mallya, Nirav Modi and Choksi — fled abroad at varied time durations because the probe towards them by central investigative companies just like the ED and the Central Bureau of Investigation (CBI) gathered tempo.

Reacting to those developments, Union Finance Minister Nirmala Sitharaman had final month stated in a tweet, “Fugitives & financial offenders will likely be actively pursued; their properties connected & dues recovered.

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