Quick Summary
84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act Consortium of banks realizes Rs. 7,975.27 crore by sale of assets Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) provide that the Special Court trying the offence may restore any property/assets involved in money laundering to a third party claimant with legitimate interest, including banks. This was stated by Union Minister of State for Finance S
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FAQ :
Assets worth £19,111.20 crore have been attached under the provisions of the Prevention of Money Laundering Act (PMLA).
Vijay Mallya, Nirav Modi, and Mehul Choksi defrauded public sector banks of a total of £22,585.83 crore.
Assets worth £15,113.91 crore have been restituted to the Public Sector Banks.
The consortium of banks, led by SBI, has realised £7,975.27 crore by selling assets handed over to them.
As of 15.03.2022, 84.61% of the total defrauded funds in these cases have been attached or seized.
The Special Court trying the offence may restore any property or assets involved in money laundering to a third party claimant with legitimate interest, including banks.
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