From Mallya To Modi And Choksi, ED Ramps Up Asset Recovery, Rs 22,280 Crore Recovered So Far – News18
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Assets worth over Rs 22,280 crore have been recovered, from the high-profile names like Mehul Choksi, Nirav Modi and Vijay Mallya and some fraudulent companies.
In high profile cases, the recovered money and the assets were either returned or restored to the rightful victims or legitimate owners.
The Enforcement Directorate has ramped up its efforts to recover assets tied to economic fugitives, following a clear instruction from the Prime Minister’s Office (PMO) to prioritise the restitution process. Assets worth over Rs 22,280 crore have been recovered, from the high-profile names like Mehul Choksi, Nirav Modi and Vijay Mallya and some fraudulent companies.
The money and the assets were either returned or restored to the rightful victims or legitimate owners. Under the provisions of Sections 8(7) and 8(8) of the PMLA, the ED has been the prime organisation which facilitated the process.
Even as the clamour from the Opposition bloc continues, accusing the directorate of indulging into ‘vendetta politics’, the restitution process reflects the directorate’s commitment to ensure justice to affected parties including public sector banks, recover public money and curb financial crimes, said a senior officer in the finance ministry.
Money recovered in Choksi, Mallya, Modi cases
These achievements not only showcase the ED’s operational efficiency but also send a strong political signal, underscoring the government’s commitment to curbing financial crimes, recovering public money, and ensuring justice to affected parties, particularly public sector banks.
In the case of fugitive Nirav Modi, properties worth Rs 1,052.58 crore have been restored to public and private sector banks marking a crucial victory in the fight against financial fraud involving one of the largest banking scandals in India’s history.
Similarly in Vijay Mallya Case, the entire number of attached properties, worth around Rs 14,131.6 crore, has been successfully restored to public sector banks. This is seen as another milestone for the process. Assets worth Rs 2,565.9 crore were identified and restored in connection with the Mehul Choksi and Gitanjali Group Companies Case. To ensure swift restitution, the ED collaborated with public sector banks (PNB and ICICI) and liquidators.
For this, a joint application was filed before the Special PMLA Court, Mumbai. The court ordered the auction of seized properties on September 10, 2024. The proceeds are in the process of being monetised and deposited as fixed deposits with the respective banks.
Significantly, these cases — featuring high-profile offenders such as Nirav Modi, Vijay Mallya, and Mehul Choksi — have been at the centre of public discourse, showing the scale of fraud and institutional loopholes that allowed such offences. The recoveries not only compensate the losses incurred by banks but also restore public faith in financial governance and the rule of law.
A senior ED officer said that the directorate continues its focus on identifying victims of money laundering and expediting restitution.
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