NEW DELHI: FM Nirmala Sitharaman on Tuesday informed Lok Sabha that ED has so far restituted Rs 22,280 crore worth of assets to victims of various scams, including return of over Rs 14,000 crore to various banks from the sale of assets of fugitive businessman Vijay Mallya, and Rs 1,053 crore of diamond merchant Nirav Modi.
ED and the banks have together moved a special court in Mumbai for the sale of assets of another diamantaire, Mehul Choksi, who along with Nirav Modi had laundered over Rs 13,000 crore of Punjab National Bank funds and fled the country.
The special court has allowed ED to carry out valuation and auction of the attached and seized properties worth Rs 2,566 crore and deposit the sale proceeds in the fixed deposit accounts of PNB and other liquidators.
Replying to the supplementary demands for grants, Sitharaman said: “ED has made significant progress in restoring assets to the legitimate owners of properties under the legal framework of PMLA, which stipulates that assets may be returned to bona fide claimants once trial commences, specifically after charges are framed by the special court.”
She said ED was effectively using PMLA sections 8(7) and 8(8), which allow for the restoration of assets to rightful owners when it is determined that the properties were initially acquired through illicit means but ultimately belong to innocent parties.
