Banking Business Maharashtra

Seized assets worth 9,371 cr of Mallya-Choksi-Nirav Modi transferred to banks: ED

(G.N.S) Dt. 23

Mumbai

Seized assets worth 9,371 crore belonging to fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi were transferred to state-run banks by Enforcement Directorate (ED) to realise the losses on account of the fraud committed against them.

The ED in a statement said that Mallya, Nirav Modi and Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks.

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