Government gives details of recovery from Vijay Mallya and Nirav Modi

New Delhi: Liquor baron Vijay Mallya and diamond baron Nirav Modi, who have embezzled thousands of crores of rupees from several banks in the country, have so far recovered Rs 13,109 crore. Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday that banks have recovered the amount by selling the assets of these defaulters. The recovery was reported by the Enforcement Directorate (ED) only in July this year. However, Sitharaman officially informed the Lok Sabha on Monday about the recovery.

According to media reports, Nirmala Sitharaman informed the Lok Sabha that public sector banks have recovered Rs 5.49 lakh crore from agreements and other measures in the last seven years. Liquor baron Vijay Mallya fled the country in 2016 and moved to the UK. Vijay Mallya is alleged to have taken a loan of about Rs 9000 crore for his airline's company from Indian banks and fled the country without paying it. CBI and ED are also investigating Vijay Mallya in connection with a Rs 9,000 crore bank fraud case.

However, fugitive diamond baron Nirav Modi is accused of not repaying loans worth more than 13,000 crore rupees through fake papers from Punjab National Bank (PNB). Nirav Modi's wife Amy Modi, brother Nishal Modi and uncle Mehul Choksi have also been charged in the case. Mehul Choksi had fled India after the fraud case came to light and he had taken citizenship of Antigua. Choksi was arrested by Dominica police after he suddenly went missing from there.

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