84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act

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....4.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act <br>News and Press Release<br>Dated:- 22-3-2022<br><BR>84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act Consortium of banks realizes &#8377; 7,975.27 crore by sale of assets Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act,....

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.... 2018 (FEOA) provide that the Special Court trying the offence may restore any property/assets involved in money laundering to a third party claimant with legitimate interest, including banks. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister stated that in the cases pertaining to Vijay Mallya, Nirav Mo....

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....di and Mehul Choksi who have defrauded Public Sector banks by siphoning off the funds through their companies which resulted in total loss of &#8377; 22,585.83 crore to the public sector banks. Giving more details, the Minister stated that as on 15.03.2022, assets worth &#8377; 19,111.20 crore have been attached under the provisions of PMLA. Out of which, assets worth &#8377; 15,113.91 crores has....

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.... been restituted to the Public Sector Banks. In addition, assets worth &#8377; 335.06 crore have been confiscated to Government of India. The Minister further stated that as on 15.03.2022, 84.61% of the total defrauded funds in these cases have been attached/seized and 66.91% of total loss to the banks has been handed over to Banks/Confiscated to Government of India. It is pertinent to mention he....

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....re that as on 15.03.2022, the consortium of banks led by SBI has realized &#8377; 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement, the Minister added.<BR> News - Press release - PIB....