Mallya, Nirav Modi & Others' Properties Worth Rs 22,280 Crore Restored To Banks: FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday announced that the Enforcement Directorate (ED) has successfully restored properties worth Rs 22,280 crores in connection with major economic offences.

The recovered assets from economic offenders including Vijay Mallya and Nirav Modi have been handed over to public and private sector banks, she said.

The Finance Minister detailed the recoveries From Mallya, Modi & Others:

• Vijay Mallya: Properties worth Rs 14,131.6 crores have been restored entirely to public sector banks.
• Nirav Modi: Rs 1,052.58 crores recovered and handed over to public and private sector banks.
• Mehul Choksi and Others: Assets worth Rs 2,565.90 crores restored.
• National Spot Exchange Ltd (NSEL) Scam: Rs 17.47 crores recovered for banks.
• Bhushan Power and Steel Ltd (BPSL): The Supreme Court ordered the restitution of assets worth Rs 4,025 crores to JSW.
• Rose Valley Group: Rs 19.40 crores returned.
• Surya Pharmaceuticals Ltd: Assets worth Rs 185.13 crores restored.
• Nowhera Sheikh and Others (Heera Group): Rs 226 crores recovered.
• SRS Group: Rs 20.15 crores returned.
• Nafisa Overseas and Others: Rs 25.38 crores recovered.
• Naidu Amrutesh Reddy and Others: Rs 12.73 crores restored.

Govt's Commitment To Tackle Economic Offences

Sitharaman stressed the government's unwavering commitment to tackling economic offences, stating, "We have not left anybody involved in economic crimes. We are after them, and we will ensure that the money owed to banks is returned."

Highlighting the importance of these recoveries, she noted that the ED's actions underscore the government's resolve to restore public and institutional trust in the financial system while ensuring that defrauded amounts are reclaimed and returned to their rightful stakeholders.

The Minister also pointed out that the government's measures against financial fraud have sent a strong message to offenders, ensuring accountability and deterring future economic crimes.

2015 Black Money Act

The Finance Minister highlighted the effectiveness of the 2015 Black Money Act in curbing undisclosed foreign assets. Between 2021-2022 and 2024-2025, the number of taxpayers reporting foreign assets surged significantly from 60,467 to over 2 lakh.

As of June 2024, the government had initiated 163 prosecutions and raised demands amounting to Rs 17,520 crore across 697 cases under the Act.