SBI-led consortium recovers Rs 792 crore from sale of Vijay Mallya’s shares: ED

The SBI-led consortium received the money after some of Vijay Mallya's shares were sold.

The State Bank of India (SBI)-led consortium, which lent loans to Vijay Mallya, received Rs 792.11 crore after some of his shares, earlier attached under the anti-money laundering law, were sold, the Enforcement Directorate (ED) said.Earlier, the SBI led consortium had realised Rs 7,181.50 crore by liquidating assets handed over to it by the ED.In addition, Rs 1,060 crore worth of assets were handed over to the banks by the Fugitive Economic Offences Court in connection with the case against Nirav Modi.On July 1, 2021, Purvi Modi (sister of Nirav Modi) had transferred Rs 17.25 crore from her foreign bank account to the account of the ED. Nirav Modi allegedly generated this money through the proceeds of crime.A few days back, the ED handed over assets worth Rs 3,728.64 crore to the SBI led a consortium including shares of Rs 3,644.74 crore, Demand Draft of Rs 54.33 crore, and immovable properties worth Rs 29.57 Crore.Vijay Mallya, Nirav Modi, and Mehul Choksi have defrauded public sector banks by siphoning off funds through their companies, resulting in a total loss of Rs 22,585.83 crore to the banks.Till date, ED has transferred assets worth Rs 12,762.25 crore to the public sector banks and confiscated assets of Rs 329.67 crore.As of date, assets worth 58% of a total loss to the banks have been handed over to banks.Properties worth over Rs 18,000 crore have been attached by ED so far belonging to Vijay Mallya, Mehul Choksi, and Nirav Modi. Also read: ED attaches Rs 4-crore worth assets in money laundering case against Anil Deshmukh