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Home | Business | Sbi Led Consortium Gets Over Rs 5800 Cr In Mallya Loan Default Case Ed

SBI-led consortium gets over Rs 5,800-cr in Mallya loan default case: ED

These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.

By PTI
Published Date - 07:59 PM, Sat - 26 June 21
SBI-led consortium gets over Rs 5,800-cr in Mallya loan default case: ED
These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
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New Delhi: A State Bank of India (SBI)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said.

Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore.

The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai.

These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.

“SBI led consortium received Rs 5824.5 crore in its account from the sale of shares of United Breweries Limited.”

“The sale had taken place on 23.06.2021 as sequel to the transfer of the shares to the Recovery Officer by ED,” the central agency tweeted.

The ED had issued a statement on Wednesday stating that about 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Mallya has been recovered so far due to its “swift” action in attaching and freezing their assets.

Mallya, who fled to the UK, is being probed by the ED and the CBI for a Rs 9,000 crore alleged bank fraud linked to the operations of his now defunct Kingfisher Airlines.

The liquor baron has lost his case against extradition to India and as he has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final, the ED had said.

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