Khushi Doshi
Published On : February 24, 2022 at 12:53 IST
The government informed the Supreme Court on Wednesday that banks had received Rs 18,000 crore from Vijay Mallya, Nirav Modi, and Mehul Choksi. In India, all three have been designated as fugitive economic offenders (FEO) under the Fugitive Economic Offenders Act, which went into effect in August 2018.
The Supreme Court is seriously contemplating a number of petitions regarding the interpretation of various provisions of the Prevention of Money Laundering Act (PMLA).
Solicitor General Tushar Mehta told the Bench, which also included Justices Dinesh Maheshwari and C T Ravikumar, that in money laundering cases involving Vijay Mallya, Mehul Choksi, and Nirav Modi, the ED had seized around Rs 18,000 crore through court orders. He went on to say that the Enforcement Directorate (ED) is currently investigating 4,700 cases, and that only 313 people have been arrested for the alleged offences since the PMLA was passed in 2002.
India is a member of a global anti-money laundering network, and various conventions require all member states to harmonise their respective anti-money laundering laws. Vijay Mallya was the first businessman in India to be designated a fugitive offender, followed by Nirav Modi.
Vijay Mallya is wanted in India in connection with an accused Rs 9,000 crore money laundering Case. Nirav Modi, a runaway diamond merchant, has been imprisoned at Wandsworth Prison in south-west London since his arrest in March 2019. Mehul Choksi, Nirav Modi’s uncle, was also involved in the PNB scam.
Also Read- What is the issue of Corruption in India? What are the Anti-Corruption laws available?