Money Laundering
Rs. 18000 crores returned to banks from Vijay Mallya, others: Centre to Supreme Court
New Delhi/IBNS: An amount of Rs. 18000 crore has been returned to banks from fugitive tycoons Vijay Mallya, Nirav Modi and Mehul Choksi, the government told the Supreme Court on Wednesday.
This comes as the apex court is hearing a number of petitions challenging the wide scope of powers given to the Enforcement Directorate in connection to money laundering cases.
In India, 4,700 Prevention of Money Laundering Act (PMLA) cases are being investigated by the Enforcement Directorate.
Appearing for the Centre, Solicitor General Tushar Mehta cited the figures to reflect how a large sum of money is still stuck.
"Some of the people who have left the country duping thousands of crores are getting the protection from the courts. So far, a tune of ₹ 67000 crores is held up by the Courts by granting non-coercive actions," he said.
Over the last weeks, several senior advocates, including Kapil Sibal, Abhishek Manu Singhvi and Mukul Rohatgi have made submissions in the Supreme Court, noting the potential misuse of the recent amendments to the PMLA.
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