News Brief
ED Restored Assets Worth Rs 22,280 Crore To Victims, Rightful Claimants: Nirmala Sitharaman
ED
Union Finance Minister Nirmala Sitharaman announced on Tuesday (17 December) that the Enforcement Directorate (ED) has successfully restored assets worth Rs 22,280 crore to victims and rightful claimants.
Speaking in the Lok Sabha during the debate on the first batch of Supplementary Demands for Grants, Sitharaman outlined the ED's efforts to recover ill-gotten wealth and return it to public sector banks and defrauded investors.
Among major cases, the ED recovered properties worth Rs 14,131.6 crore belonging to fugitive businessman Vijay Mallya, which were handed over to public sector banks.
Similarly, properties worth Rs 1,052.58 crore from the Nirav Modi case were returned to public and private banks.
In the Mehul Choksi case, the ED attached properties valued at Rs 2,565.90 crore, which are now set to be auctioned.
Additionally, assets worth Rs 17.47 crore from the National Spot Exchange Ltd (NSEL) scam were restored to genuine investors.
"On the Prevention of Money Laundering Act (PMLA), the ED has successfully restored properties valued at least Rs 22,280 crore from major cases. We have not left anyone behind, even if they fled the country. We have gone after them," Sitharaman stated.
The Finance Minister also highlighted the effectiveness of the Black Money Act, enacted in 2015, in curbing unaccounted foreign assets.
Taxpayers declaring foreign assets have risen sharply from 60,467 in 2021-22 to over 2 lakh in 2024-25.
As of June 2024, the government has raised demands of Rs 17,520 crore in 697 cases under the Black Money Act, with 163 prosecutions initiated.
Investigations into global leaks, including the Panama Papers and Pandora Papers, have detected undisclosed income of Rs 33,393 crore across 582 cases.
To expedite these efforts, the government has established a Multi-Agency Group (MAG) for coordinated action against unaccounted foreign assets.
Sitharaman reiterated, “We are after them. We will ensure that money that rightfully belongs to banks and investors is returned.”
