₹18,000 Crore recovered from Mallya, Nirav Modi and Choksi: Centre to SC.

Feb 23, 2022 10:00 pm

Supreme Court has been informed by the Union Government that ₹18,000 crore have returned to banks from Vijay Mallya, Nirav Modi, and Mehul Choksi.

₹67,000 crore is the total amount covered by interim orders of no coercive action passed by the courts in such matters, the government told a bench headed by Justice A M Khanwilkar.

Mallya owes over ₹9,000 crore to a consortium of banks in principal and interest, diamantaires Nirav Modi and Choksi, who are the main accused in the Punjab National Bank (PNB) loan fraud case, have caused losses worth ₹13,000 crore to the bank.

The Centre has also informed the SC that 4,700 cases are being investigated by the Enforcement Directorate (ED) as on date, and only 313 people have been arrested for the alleged offences since the enactment of the Prevention of Money Laundering Act (PMLA) in 2002.