Rs.18000 Cr. Seized from Vijay Mallya, Nirav Modi, Mehul Choksi
Centre states to the supreme court that an amount of Rs.18000 Cr. is returned to the bank acquired from Vijay Mallya and other culprits. All three of them were declared as the Fugitive Economic Offenders (FEO) by India under the Fugitive Economic Offenders Act science August 2018.
Supreme is presently investigating the batch of pleas involving the interpretations specific conditions of the Prevention of Money Laundering Act (PMLA).
Tushar Mehta serves as Solicitor General of India told SC along with judges Dinesh Maheshwari and C T Ravikumar that in the case of Vijay Mallya, Mehul Choksi & Nirav Modi an amount of Rs.18000 Cr. is seized by ED.
He further said that there are 4700 pending cases, that ED is currently investing in. So far only 313 individuals have been arrested for their crimes since the implementation of PMLA in 2002.
Mr Mehta further added since the last five years from 2016-21 total number of 2186 cases are taken up for the investigation. He told that “Out of 33 lakh predicate offences registered, ED has registered investigation only in 2,086 cases in five years. In five years, 33 lakh predicate offences are registered.”
General underlined the statement that corruption plays a major part which results in proceeds of such money laundering crimes. He said that all members states should tune their money laundering laws together to see the effective results to snatch these fugitives.
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The government has stepped up
Government increases their efforts to confront these high profile money laundering fugitives like Vijay Mallya, Nirav Modi, & Mehul Choksi. They are wanted for the major bank frauds done by them.
Vijay Mallya is wanted in India for Rs.9000 Cr. money laundering case. The amount was received by him as the form of loan for his vanished Kingfisher Airlines. He is currently in London on bail.
