Finance Minister Nirmala Sitharaman announced that properties worth Rs 22,280 crore have been restored to pay off the debts of wanted individuals such as Vijay Mallya, Mehul Choksi, and Nirav Modi. This includes Rs 1,052 crore from Modi and Rs 2,565 crore from Choksi. The Finance Minister's statement comes after questions were raised about the Enforcement Directorate's low conviction rate in cases under the Prevention of Money Laundering Act. Congress leader Randeep Surjewala has accused the ruling party of using agencies like the ED to target opposition leaders.
Vijay Mallya: Properties Worth Rs 22,280 Crore Restored to Pay Off Debts
Background:
Vijay Mallya, a former billionaire and liquor tycoon, fled India in 2016 amid allegations of loan default and money laundering. The businessman, who owned the Kingfisher Airlines, is believed to have accumulated massive debts worth thousands of crores of rupees.
Recent Development:
On August 19, 2023, Finance Minister Nirmala Sitharaman announced that properties worth Rs 22,280 crore have been restored to pay off the debts of wanted individuals, including Vijay Mallya, Mehul Choksi, and Nirav Modi. This includes Rs 1,052 crore from Modi and Rs 2,565 crore from Choksi.
Enforcement Directorate's Role:
The Enforcement Directorate (ED) is India's financial investigation agency responsible for enforcing the Prevention of Money Laundering Act (PMLA). In the case of Vijay Mallya, the ED has been pursuing criminal charges against him and his companies for allegedly diverting funds from Kingfisher Airlines to overseas tax havens.
Opposition's Allegations:
Congress leader Randeep Surjewala has accused the ruling party of using agencies like the ED to target opposition leaders. Surjewala claims that the ED's low conviction rate in PMLA cases suggests that the agency is being used for political vendetta.
Top 5 FAQs:
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