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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Man mowed down by speeding car in Bengaluru
Bengaluru (PTI): A man was allegedly mowed down by a speeding car on MG Road in the heart of the city on early Friday morning, police said.
Srinivas, who was in his late 50s, died on the spot in the accident that occurred at Anil Kumble Junction here, they said.
According to police, the accident occurred at around 4.30 am. Srinivas was walking along the side of the road when a car travelling at high speed allegedly hit him with immense force. The driver of the offending vehicle fled the spot.
The impact of the accident was so severe that Srinivas died on the spot, a senior police officer said.
A case of accident under Section 106 of the Bharatiya Nyaya Sanhita for causing death due to negligence has been registered, he said.
CCTV cameras installed in the area are being analysed to identify the offending vehicle, police said, adding that further investigation is underway.
