Often in the past, Govt was mocked because a celebrated businessman of Congress years decided to become a fugitive offender after having defaulted on Rs. 6,848.28 cr loans & had total Rs. 15,258.19 crore as outstanding on 31.07.2021- yes I am talking of @TheVijayMallya
Although large part of @TheVijayMallya story is in the public domain but how many of u know that of the securities of Rs. 7,095.66 crore, Rs. 4,111 crore was shown as value of Kingfisher brand- how ever real story is not that but one in the following tweet
Investigations showed that @TheVijayMallya never offered Kingfisher brand as a security but it was “Kingfisher Airlines” brand with no significant value, that was valued at 4111 crores- yes the loss making Kingfisher airlines!
https://twitter.com/alok_bhatt/status/1426095008499654662
So out of total securities on paper of Rs. 7,095.66 crore, the consortium of banks could recover only Rs. 660.52 crore by enforcing guarantee offered @TheVijayMallya . So where did the balance money come from and how was that recovered.
During the course of investigation, various Govt agencies managed to attach properties worth Rs 9,399.34 crore (Rs. 8,041.69 crore u/s 5 of PMLA + Rs. 1,357.65 crore u/s 82 & 83 of Cr.PC) under provisions of PMLA.
The properties attached by the @dir_ed consisted of fixed deposits, shares of United Spirit Ltd. and United Breweries Ltd., immovable properties in form of malls, residential properties, farmhouses and factories as well
The properties worth Rs. 4,005.22 crore were held via shell companies of @theVijayMallya. Investigations helped @dir_ed prove that all the properties were beneficially owned by him only . These findings of the ED were later confirmed by the Special Court, PMLA as well
To help banks recover outstanding loan of Rs. 15,258.19 crore, @dir_ed officers helped SBI file an application before the Competent Court for restitution of assets attached by the ED. The Court, attached assets of Rs. 9,736.11 crore were handed over to the consortium of banks
The consortium of banks sold properties worth Rs 3,614.75 crore out of total transferred asset of Rs. 9,736.11 crore for Rs. 7,975.27 cr and have got the cash. The balance unsold property of @TheVijayMallya worth Rs. 6,121.36 crore is also in possession of the bank.
In case of other fugitive offender- Nirav Modi- @dir_ed has seized properties worth Rs. 2,413.69 cr. His properties worth Rs. 1,060 crore have been ordered to be restituted to PNB & Rs. 329.67 crore worth properties have been ordered to be confiscated to the GoI.
So with that @dir_ed has helped banks to recover loan amounting to Rs. 16,310.19 crore and properties worth of Rs. 329.67 crore have been confiscated to the Central Government. Wonder where are all those who were making fun of the Govt earlier!
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