On Wednesday, the Enforcement Directorate (ED) announced that they have transferred ₹9317.7 crores worth assets of the fugitive businessmen Vijay Mallya, Mehul Chokshi, and Nirav Modi to the public sector banks and the central government.
Under the provisions of PMLA, ED has seized total assets worth ₹18,170.02 crores of these businessmen up till now. Out of the total amount, ₹9317.7 crores have been transferred to the banks and government.
Due to these fraudulent cases involving Vijay Mallya, Mehul Chokshi, and Nirav Modi, banks have incurred a loss of ₹22585.83 crores. Out of the total amount, 80.45% have been recovered in the form of assets.