Rs 18,000 cr returned to banks from Vijay Mallya, Nirav Modi, Choksi: Govt tells SC

Mangalore Today News Network

New Delhi, Feb 23, 2022: The government has informed the Supreme Court that Rs 18,000 crore have returned to banks from Vijay Mallya, Nirav Modi, and Mehul Choksi.

 

The Supreme Court bench, headed by Justice A M Khanwilkar and comprising Justices Dinesh Maheshwari and C T Ravikumar, is dealing with a batch of petitions concerning the interpretation of certain provisions of the Prevention of Money Laundering Act (PMLA).

Solicitor General Tushar Mehta told the bench that in money laundering cases relating to Vijay Mallya, Mehul Choksi, and Nirav Modi, the Enforcement Directorate has confiscated around Rs 18,000 crore by the orders of the courts following due procedure.

The total amount covered by interim orders of no coercive action passed by the courts in such matters is approximately Rs 67,000 crore, the Centre told the court.

The Centre has also informed the SC that 4,700 cases are being investigated by the ED as on date, and only 313 people have been arrested for the alleged offences since the enactment of the PMLA in 2002.

On February 15, the Supreme Court had stressed the need for a fast investigation if the ED comes across an intelligence input indicating huge illegal money laundering, observing that “cash travels faster than light”.

Some of the petitioners had argued in the court that there cannot be "mechanical lodging" of an enforcement case information report (ECIR) as the PMLA requires that there must be some indication of the act of money laundering and projecting the proceeds of crime as untainted.

The Solicitor General had earlier told the bench that there are over 200 petitions in the matter and interim stays have been granted in several serious cases due to which investigation has been affected.

Some of these petitions have challenged the validity of certain provisions of the PMLA.

Courtesy:India Today