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TMI Blog84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders ActX X X X Extracts X X X X X X X X Extracts X X X X ..... 84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act - News and Press Release Dated:- 22-3-2022 - News - 84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act Consortium of banks realizes ₹ 7,975.27 crore by sale of assets Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers Act, 2018 (FEOA) provide that the Special Court trying the offence may restore any property/assets involved in money laundering to a third party claimant with legitimate interest, including banks. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister stated that in the cases pertaining to Vijay Mallya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Nirav Modi and Mehul Choksi who have defrauded Public Sector banks by siphoning off the funds through their companies which resulted in total loss of ₹ 22,585.83 crore to the public sector banks. Giving more details, the Minister stated that as on 15.03.2022, assets worth ₹ 19,111.20 crore have been attached under the provisions of PMLA . Out of which, assets worth ₹ 15,11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.91 crores has been restituted to the Public Sector Banks . In addition, assets worth ₹ 335.06 crore have been confiscated to Government of India . The Minister further stated that as on 15.03.2022, 84.61% of the total defrauded funds in these cases have been attached/seized and 66.91% of total loss to the banks has been handed over to Banks/Confiscated to Government of India . It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pertinent to mention here that as on 15.03.2022, the consortium of banks led by SBI has realized ₹ 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement, the Minister added. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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