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NRIPage | Articles | Vijay Mallya's ₹14,131 Crore Assets Seized for Debt Repayment | Get Education & Training Articles. Empowering Lifelong Learning around the world - NRI Page
In a recent statement to Parliament, Finance Minister Nirmala Sitharaman shared significant developments regarding the government's efforts to recover assets from fugitive businessmen. Properties worth ₹14,131 crore that once belonged to Vijay Mallya have been seized and handed over to public and private sector banks. This is part of the larger ₹22,280 crore recovered by the Enforcement Directorate (ED) to settle debts of fugitive businessmen, including Mallya, Mehul Choksi, and Nirav Modi. Sitharaman assured the public that the government’s fight against economic offenders, including those who have fled the country, will continue.
She also responded to recent criticisms regarding the ED's low conviction rate, defending the agency’s actions in the recovery of assets from those accused of money laundering. Additionally, the Finance Minister discussed the impact of the Black Money Act of 2015, with an increase in taxpayers disclosing foreign assets, and shared progress on investigations into high-profile cases such as the Panama Papers and Pandora Papers.
The government has been pressing for the extradition of Mallya and Modi, particularly following a meeting between Prime Minister Narendra Modi and UK Prime Minister Keir Starmer during the G20 Summit, aimed at expediting the process of bringing these fugitive businessmen back to India.
