Defrauded Accounts

Defrauded Accounts

Defrauded Accounts

The Finance Ministry on Tuesday confirmed in the Rajya Sabha that banks got over two third of amounts defrauded by Vijay Mallya, Nirav Modi and Mehul Choksi.

In a written reply, Minister of State for Finance Pankaj Chaudhary said the three had defrauded public sector banks by siphoning off funds through their companies which resulted in a total loss of ₹ 22,585.83 crore to the lenders. Further Details are as under:

  • As on March 15, assets worth ₹19,111.20 crore have been attached under the provisions of PMLA (Prevention of Money Laundering Act).
  • Out of this, assets worth ₹15,113.91 crore have been restituted to Public sector banks.
  • In addition, assets worth ₹06crore have been confiscated to Government of India.
  • As on 15th March 2022, 84.61 per cent of the total defrauded funds in these cases have been attached/seized and 66.91 per cent of total loss to the banks has been handed over to banks/ confiscatedby the Government of India.
  • Further,the SBI led consortium has realized ₹7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement.

It is also said that the Government is closely monitoring Global Commodity price movements and their impact on the economy.

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