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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Dharwad Corporation zonal offices raided after complaints of corruption in issuing land records
Hubballi: Karnataka Lokayukta officials on Friday conducted raids at multiple zonal offices of the Hubballi-Dharwad City Corporation following complaints alleging bribery and delay in issuing land-related documents, including e-Swathu records.
The raids were carried out in the morning under the leadership of Siddalingappa S.T.. Separate teams inspected 12 zonal offices of the Corporation and examined records linked to land ownership and document processing.
According to sources, the Lokayukta received complaints from members of the public alleging that Corporation officials were demanding bribes for issuing e-Swathu and other land documents.
Residents reportedly alleged that applications were being deliberately delayed if bribes were not paid.
Based on these complaints, officials carried out inspections of files and records connected to land ownership and issuance of documents.
Further investigation is underway.
