Banks Recover ₹13,109.17 Crore By Selling Fugitives’ Assets

Union Finance Minister Nirmala Sitharaman informed the Lok Sabha that banks have recovered ₹13,109.17 crore by selling the assets of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi.

Talking about the recovery of ₹13,109.17 crore from the sale of assets of wilful defaulters, who have now fled the country, the Finance Minister said ₹792 crore were earned from the sale of assets belonging to Mr. Mallya and others on July 16, 2021.

The Minister’s comments came during her reply to a discussion on the second batch of Supplementary Demands for Grants which was passed by the Lok Sabha by a voice vote.

The discussion on the Supplementary Demands for Grants, authorising the government to spend an additional ₹3.73 lakh crore during the current fiscal, concluded last week.