Over Rs 14,000 crore recovered for banks from Mallya asset sales: FM Nirmala Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman informed the Lok Sabha on Tuesday that the Enforcement Directorate (ED) has so far restored assets worth Rs 22,280 crore to victims of various scams. This includes over Rs 14,000 crore recovered for banks through the sale of assets belonging to fugitive businessman Vijay Mallya and Rs 1,053 crore from the assets of diamond merchant Nirav Modi.
Sitharaman added that ED and banks have jointly approached a special court in Mumbai to auction the assets of Mehul Choksi, another fugitive diamantaire. Choksi, along with Nirav Modi, is accused of laundering over Rs 13,000 crore from Punjab National Bank (PNB) and fleeing the country.
The court has permitted the valuation and auction of seized properties worth Rs 2,566 crore. The proceeds will be deposited into fixed deposit accounts held by PNB and other liquidators.
Highlighting ED’s efforts under the Prevention of Money Laundering Act (PMLA), Sitharaman said, “The ED has made significant progress in restoring assets to rightful owners under the PMLA framework, which allows the return of assets to bona fide claimants after charges are framed by the special court.”
She noted that the agency is effectively utilizing s. 8(7) and 8(8) of the PMLA to ensure that assets acquired through illegal means but belonging to innocent parties are restored to their legitimate owners.
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Boy critically injured after tree branch falls on him in Bengaluru
Bengaluru, Dec 18: A nine-year-old boy was seriously injured after a tree branch allegedly fell on him in the city on Wednesday, police said.
The incident occurred at around 8 am on Nandi Durga road when the boy and his father were travelling to school on a two-wheeler, they said.
In his complaint, the man explained that as they reached Nandi Durga Road, a tree branch suddenly fell, causing both of them to fall off the vehicle.
"We live in MRS Palya. The route to school and back is via Nandi Durga road. I drop my son off daily on my two-wheeler. This morning, as we were on our way, a tree branch fell on us, and both my son and I fell to the ground. Some autorickshaw drivers saw us and rushed us to the hospital," said David, the boy’s father.
David sustained a minor shoulder injury, while his son suffered a severe head injury and is now under observation in the ICU, police said.
After the incident, David filed complaints with the BBMP and the local police station.
Based on his statement, a case has been registered under the relevant sections of the Bharatiya Nyaya Sanhita against BBMP officials, with further investigation underway, police said.
