ED set to confiscate assets of Mallaya, Modi and Choksi worth Rs 16,000 crore under new fugitive ordinance
In a major mover after the introduction of Fugitive Economic Offenders Ordinance, the Enforcement Directorate is all set to confiscate assets of 'fugitive' businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.
Top government sources have told India Today that the agency has decided to approach the Prevention of Money Laundering Act (PMLA) court to seek that Vijay Mallya, Nirav Modi and Mehul Choksi be declared fugitives as all three have defied non-bailable arrest warrants. All three of them are absconding and are reportedly abroad.
According to sources, the ground for approaching the court will be that Mallaya, Modi and Choksi are liable to be covered under the newly introduced Fugitive Economic Offenders Ordinance.
ED has already attached assets of Rs 9,000 crore of Vijay Mallaya under PMLA. Under the new ordinance, the agency has power of to dispose of the assets of fugitives.
In case of Nirav Modi and Mehul Choksi, ED has identified assets over Rs 7,000 crore belonging to diamontaire Nirav Modi and Mehul Choksi. The duo are accused of India's biggest bank fraud of over Rs 14,000 crore involving Punjab National Bank.
According to senior ED officials, in the coming days, the agency will use the power which they have been provided under new ordinance to confiscate properties of other such fugitives.