Solicitor General Tushar Mehta told the Supreme Court on Wednesday that banks had recovered ₹ 18,000 crore from fugitives Vijay Mallya, Nirav Modi, and Mehul Choksi.
The worth of cases filed under the Prevention of Money Laundering Act (PMLA) against Mallya, Modi, and Choksi, according to Mehta, is now $67 billion.
Due to orders issued by the courts under (the) PMLA, the Enforcement Directorate (ED) was able to seize assets worth over $18,000 crore in the cases of Vijay Mallya, Nirav Modi, and Mehul Choksi,” Mehta said.
Finance Minister Nirmala Sitharaman said in December that as of July, banks have recovered ₹ 13,109 crore through the sale of the three’s assets.
The last tranche of recoveries was valued at ₹ 792 crore at the time.
Mehta’s statement came as the Supreme Court was hearing a slew of petitions challenging the central agency’s search, seizure, investigation, and attachment of proceeds of crime powers.
A number of eminent lawyers, including Kapil Sibal, Abhishek Manu Singhvi, Mukul Rohatgi, Sidharth Luthra, and Amit Desai, have presented arguments in the last two weeks on the potential misuse of provisions established by various amendments, most recently in 2019.
The law has been criticised for a number of issues, including strict bail conditions, arrests without an ECIR (equivalent to a FIR), and failure to communicate arrest grounds. There have also been concerns about the use of remarks made by the accused during the inquiry as evidence in a trial.
Today, Mehta stated that there is a system of checks and balances in place to guarantee that the law is not abused.
On Thursday, Mallya (represented by his lawyers) will appear in the Supreme Court for a final chance to defend himself in a contempt of court case. A bench led by Justice UU Lalit will hear the matter.
He is facing charges in a bank debt default case involving the defunct Kingfisher Airlines, which is valued at over 9,000 crore rupees.
Choksi is wanted in connection with a fraud case involving the Punjab National Bank of ₹ 13,500 crore.
He is currently in Antigua, in the Caribbean, after obtaining bail from Dominica, where he was apprehended while attempting to dodge extradition to India. Choksi’s nephew, Nirav Modi, is also wanted in a PNB fraud case. He's also in London, where he'll be extradited to India.
The Supreme Court is currently reviewing a flurry of petitions challenging the Directorate of Enforcement’s extensive range of powers under the Act for search, seizure, investigation, and attachment of criminal earnings.
Stringent bail conditions, non-communication of arrest grounds, arrest of people without an ECIR (similar to a FIR), broad definitions of money laundering and proceeds of crime, and statements made by the accused during the investigation that are admissible as evidence during the trial have all been criticised in various ways.
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