Mallya's Kingfisher airlines failed to endure the aviation industry's competition, resulting in its demise in 2012. The Fugitive Economic Offenders Act in india allows for the attachment of a fugitive economic offender's property and the denial of the offender's right to defend any civil action.

By selling shares given over by the Enforcement Directorate, a syndicate of lenders led by the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india (SBI) has recovered another 792 crores in the Kingfisher airlines case (ED). In June, the ED estimated that this consortium would earn approximately 800 crores from the sale of United Breweries Ltd shares in the case. The lenders had already made a total of 7,181.5 crores through asset liquidation and plan to make a total of 9,041.5 crores by selling assets seized by the ED under anti-money laundering laws.

In the punjab National Bank-Nirav Modi case, a Fugitive Economic Offence court granted banks assets worth 1,060 crores, according to the ED, and the investigative agency confiscated 329.67 crores under the Fugitive Economic Offenders Act. Under the terms of the anti-money laundering statute, the ED claimed it had attached or confiscated assets worth Rs 18,217.27 crore, with banks and the government exchequer realizing 58 percent of the purported amount involved in the two instances.
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Vijay Mallya

Kailas Ashwin Sathish

17/07/2021 10:37 AM