&nbsp;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 &amp; economic offenders will be actively pursued; their properties attached &amp; dues recovered."

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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.

The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here.

It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks.

Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/vijay-mallya-loses-bankruptcy-petition-amendment-high-court-battle-in-uk-385876">Vijay Mallya loses bankruptcy petition amendment High Court battle in UK</a>&nbsp;

The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad.

"The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said.

On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said.

The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai.

"Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/nirav-modi-faces-another-setback-as-uk-judge-rules-in-indias-favour-340393">Nirav Modi faces another setback as UK judge rules in India's favour</a>

The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said.

Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said.

As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks."

"Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said.

In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai.

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The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.

"The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession."

"It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. 
The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure.

The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets."

It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-seizes-vijay-mallyas-asset-in-france-worth-19-million-347571">Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million</a>

"Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added.

It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years.

Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

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.

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. The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here. It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks. Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks." Also read | Vijay Mallya loses bankruptcy petition amendment High Court battle in UK The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad. "The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said. On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said. The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai. "Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added. Also read | Nirav Modi faces another setback as UK judge rules in India's favour The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said. Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said. As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks." "Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said. In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai. The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks. "The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession." "It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure. The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets." It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court." Also read | Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million "Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added. It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years. Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

Enforcement Directorate says 40% loss in PNB, Mallya bank fraud cases recovered

A UK court will give a verdict on Diamond merchant Nirav Modi's extradition case. Nirav Modi is currently facing charges of fraud and money laundering.

UK judge to rule on Nirav Modi extradition case

London's Westminster Court on Thursday extended the <a href="https://www.wionews.com/india-news/uk-court-extends-nirav-modis-remand-till-july-25-230888">custody of Fugitive diamantaire Nirav Modi </a>by August 22.

Modi is wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) <a href="https://www.wionews.com/india-news/nirav-modi-aides-to-pay-rs-7300-crore-with-interest-to-pnb-debt-recovery-tribunal-233529">fraud and money laundering case</a>.

The 48-year-old, who fights his extradition from Britain to India has been behind bars at Wandsworth prison in south-west London since his arrest in March.

Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19.

An arrest warrant was issued against him in May and then the second one in July last year, with an extradition request made to the UK authorities in August 2018.

The UK High Court on June 12 rejected Modi's bail application, his fourth attempt to get bail.

&nbsp;

London's Westminster Court on Thursday extended the custody of Fugitive diamantaire Nirav Modi by August 22. Modi is wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case.

London's Westminster Court on Thursday extended the custody of Fugitive diamantaire Nirav Modi by August 22. Modi is wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old, who fights his extradition from Britain to India has been behind bars at Wandsworth prison in south-west London since his arrest in March. Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19. An arrest warrant was issued against him in May and then the second one in July last year, with an extradition request made to the UK authorities in August 2018. The UK High Court on June 12 rejected Modi's bail application, his fourth attempt to get bail.

UK court extends Nirav Modi's custody by August 22

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case.

The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

"The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said.

These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said.

"Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said.

The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said.

The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act.

Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered.

The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium.

Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi.

Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.&nbsp; 
&nbsp;

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets. "The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said. These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said. "Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said. The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said. The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act. Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered. The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium. Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi. Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.

Enforcement Directorate attaches Nirav Modi's assets in Hong Kong worth Rs 255 crore

<a href="http://www.wionews.com/india-news/pnb-scam-top-gitanjali-gems-officials-quit-33382" target="_blank">PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit</a>

Senior management officials at Gitanjali Gems have called it quits. In a regulatory filing on Monday, the company revealed that CFO Chandrakant Karkare, company&rsquo;s vice-president (compliance) and a company secretary have resigned.&nbsp;

<a href="http://www.wionews.com/india-news/priya-prakash-varrier-moves-supreme-court-against-case-filed-against-oru-adaar-love-33377" target="_blank">Priya Prakash Varrier moves Supreme Court over case filed against Oru </a><a href="http://www.wionews.com/india-news/priya-prakash-varrier-moves-supreme-court-against-case-filed-against-oru-adaar-love-33377" target="_blank">Adaar</a><a href="http://www.wionews.com/india-news/priya-prakash-varrier-moves-supreme-court-against-case-filed-against-oru-adaar-love-33377" target="_blank"> Love</a>

Actor<a href="http://www.wionews.com/india-news/entertainment-priya-prakash-varrier-wants-to-work-with-shah-rukh-khan-ranveer-singh-32852">&nbsp;Priya Prakash Varrier and director Omar Lulu&nbsp;have filed a plea</a>&nbsp;in Supreme Court over the case registered against her film &quot;Oru Adaar Love&quot;&nbsp;in Telangana.

<a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364" target="_blank">CBI registers case against </a><a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364" target="_blank">Rotomac</a><a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364" target="_blank"> directors for cheating seven banks</a>

The Central&nbsp;<a href="http://www.wionews.com/india-news/case-of-loan-default-not-fraud-vikram-kotharis-lawyer-33359">Bureau of Investigation(CBI) has</a>&nbsp;registered a case against Rotomac directors alleging that the conspirators cheated seven banks by syphoning off bank loans worth Rs 2,919 crore.

<a href="http://www.wionews.com/south-asia/bangladesh-says-to-meet-with-myanmar-on-rohingya-trapped-at-border-33378" target="_blank">Bangladesh says to meet with Myanmar on Rohingya trapped at border</a>

Representatives from Bangladesh and Myanmar will meet on Tuesday to discuss the repatriation to Myanmar of more than 6,500 Rohingya Muslims trapped on a strip of unclaimed land between the two countries, Bangladeshi officials said.

<a href="http://www.wionews.com/world/iran-cannot-confirm-wreckage-found-in-search-operation-of-crashed-plane-33379" target="_blank">Cannot confirm &#39;wreckage&#39; found in search operation of crashed plane: Iran</a>

The Iran aviation authorities have not confirmed the<a href="http://www.wionews.com/wethevoice/remains-of-iranian-passenger-plane-found-in-central-iran-reports-33375" target="_blank">&nbsp;wreckage of the Iranian plane</a>&nbsp;that was found in the search operation on Monday.&nbsp; The confirmation was released by Iran`s Civil Aviation Organisation few minutes after the&nbsp;deputy governor of Kohgiluyeh and Boyer-Ahmad province said to a state media&nbsp;that the remains of the planes were&nbsp;found in Central Iran.&nbsp;

PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit Senior management officials at Gitanjali Gems have called it quits. In a regulatory filing on Monday, the company revealed that CFO Chandrakant Karkare, company’s vice-president (compliance) and a company secretary have resigned. Priya Prakash Varrier moves Supreme Court over case filed against Oru Adaar Love Actor Priya Prakash Varrier and director Omar Lulu have filed a plea in Supreme Court over the case registered against her film "Oru Adaar Love" in Telangana. CBI registers case against Rotomac directors for cheating seven banks The Central Bureau of Investigation(CBI) has registered a case against Rotomac directors alleging that the conspirators cheated seven banks by syphoning off bank loans worth Rs 2,919 crore. Bangladesh says to meet with Myanmar on Rohingya trapped at border Representatives from Bangladesh and Myanmar will meet on Tuesday to discuss the repatriation to Myanmar of more than 6,500 Rohingya Muslims trapped on a strip of unclaimed land between the two countries, Bangladeshi officials said. Cannot confirm 'wreckage' found in search operation of crashed plane: Iran The Iran aviation authorities have not confirmed the wreckage of the Iranian plane that was found in the search operation on Monday. The confirmation was released by Iran`s Civil Aviation Organisation few minutes after the deputy governor of Kohgiluyeh and Boyer-Ahmad province said to a state media that the remains of the planes were found in Central Iran.

WION Evening News brief, February 19, 2018

State-run Punjab National Bank (PNB) said on Wednesday it had detected some &quot;fraudulent and unauthorised&quot; transactions worth about $1.77 billion at one of its branches in Mumbai.

The bank said in a regulatory filing the transactions were &quot;for the benefit of a few select account holders with their apparent connivance&quot; and that &quot;based on these transactions other banks appear to have advanced money to these customers abroad.&quot;

PNB, the country`s second-biggest state-run lender and fourth-biggest overall by assets, did not name the people involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions.

&quot;In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions,&quot; PNB said, without giving further details.

PNB shares were trading 4.1 per cent lower having fallen as much as 5.7 per cent in early trading. The main Mumbai market index was little changed.

PNB is already dealing with other allegations of fraudulent transactions. Last week, officials&nbsp;had said they had launched an investigation into billionaire jeweller Nirav Modi, one of the country`s richest men, over accusations that he and others defrauded PNB of $44 million.

It was not immediately known if the latest disclosure on fraudulent transactions was related to or separate from the previous incident.

State-run Punjab National Bank (PNB) said on Wednesday it had detected some 'fraudulent and unauthorised' transactions worth about $1.77 billion at one of its branches in Mumbai

State-run Punjab National Bank (PNB) said on Wednesday it had detected some "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai. The bank said in a regulatory filing the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad." PNB, the country`s second-biggest state-run lender and fourth-biggest overall by assets, did not name the people involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions. "In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions," PNB said, without giving further details. PNB shares were trading 4.1 per cent lower having fallen as much as 5.7 per cent in early trading. The main Mumbai market index was little changed. PNB is already dealing with other allegations of fraudulent transactions. Last week, officials had said they had launched an investigation into billionaire jeweller Nirav Modi, one of the country`s richest men, over accusations that he and others defrauded PNB of $44 million. It was not immediately known if the latest disclosure on fraudulent transactions was related to or separate from the previous incident.

Detected $1.77 billion worth of fraudulent transactions: Punjab National Bank

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Enforcement Directorate says 40% loss in PNB, Mallya bank fraud cases recovered

UK judge to rule on Nirav Modi extradition case

UK court extends Nirav Modi's custody by August 22

Enforcement Directorate attaches Nirav Modi's assets in Hong Kong worth Rs 255 crore

WION Evening News brief, February 19, 2018

Detected $1.77 billion worth of fraudulent transactions: Punjab National Bank