40 per cent of the money lost in frauds by fugitive businessmen has been recovered, says ED

According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.

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About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.Commenting on the development, Union Finance Minister Nirmala Sitharaman tweeted, “Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.”

The three, who fled overseas as a probe against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks, and these frauds have been categorised as among the country’s biggest criminal loan heist till date.

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