New Delhi: Finance Minister Nirmala Sitharaman informed the Lok Sabha on Tuesday that public sector banks have recovered Rs 14,131.6 crore through the sale of assets belonging to fugitive businessman Vijay Mallya. This recovery forms part of a broader effort to tackle financial crimes and restore funds to affected institutions.
 

Mallya, who fled India in 2016 amid allegations of financial irregularities involving Kingfisher Airlines, has been facing extradition proceedings in the United Kingdom. His assets, seized under the Prevention of Money Laundering Act, have been liquidated to recover outstanding dues to banks and creditors.
 

The finance minister also highlighted significant recoveries from other high-profile economic offenders. Properties valued at Rs 1,052.58 crore linked to Nirav Modi and Rs 2,565.90 crore tied to Mehul Choksi have been restored to banks. In addition, Rs 17.47 crore recovered from the National Spot Exchange scam has been distributed to genuine investors.
 

The Enforcement Directorate has successfully recovered and restored assets worth Rs 22,280 crore to banks, investors, and other rightful claimants in cases involving economic offences. This figure includes recoveries from other cases such as SRS Group, Rose Valley Group, Surya Pharmaceuticals, and Heera Group.
 

Addressing the Lok Sabha during the debate on Supplementary Demands for Grants, the finance minister reaffirmed the government’s commitment to holding economic offenders accountable and ensuring that recovered funds are returned to the banking system. She emphasised that no offender has been spared, with the government making consistent efforts to recover funds linked to financial crimes.
 

The minister also discussed the Black Money Act, 2015, highlighting its impact on voluntary disclosures of foreign assets. The number of disclosures rose from 60,467 in 2021-22 to 200,000 in 2024-25. By June 2024, demands exceeding Rs 17,520 crore had been raised in 697 cases, with 163 prosecutions initiated under the Act.
 

During her address, Sitharaman noted that the Indian economy had shown resilience despite global challenges. She acknowledged the 5.4 per cent GDP growth in the second quarter of 2024-25 as a temporary slowdown, attributing it to broader global economic conditions. The economy, she added, has averaged 8.3 per cent growth over the last three years, demonstrating its strength and capacity for recovery.

BI Bureau