In relation to significant economic offenses, the Enforcement Directorate (ED) has effectively restored properties valued at Rs 22,280 crores, according to a statement made by Finance Minister Nirmala Sitharaman on Wednesday.
Properties valued at Rs 1,052.58 crore have been returned to private banks and PSBs in the case of fugitive Nirav Modi. In the meantime, properties in the Mehul Choksi case that are valued at Rs 2,565.90 crore have been attached and will go up for sale.
Properties valued at Rs 17.47 crore were returned to the legitimate investors who had been duped in the National Spot Exchange Ltd (NSEL) case.
According to Sitharaman, the ED has been pursuing all of the criminals, even those who have left the country. “We have pursued them. It is crucial to understand that we have not left anyone (committing) economic offenses after ED retrieved this money and returned it to the banks. We’re pursuing them. We will be ensuring that funds, which must return to banks” Sitharaman said.
The Finance Minister described Mallya, Nirav Modi, and other recoveries in detail.
-Vijay Mallya: Public sector banks now own fully restored properties valued at Rs 14,131.6 crores.
-Nirav Modi: Banks in the public and private sectors received Rs 1,052.58 crores that had been recovered.
-Mehul Choksi: Restored assets totaling Rs 2,565.90 crores.
-National Spot Exchange Ltd. (NSEL): Banks were able to recover Rs 17.47 crores.
-Bhushan Power and Steel Ltd. (BPSL): The Supreme Court ruled that must return assets valued at Rs 4,025 crores to JSW.
-Rose Valley Group: Returned of Rs 19.40 crores.
-Surya Pharmaceuticals Ltd.: Restored assets totaling Rs 185.13 crores.
-Nowhera Sheikh and others (Heera Group):Rs 226 crores were seized
-SRS Group: Rs 20.15 crores returned
–Nafisa Overseas and Others: retrieved Rs 25.38 crores.
-Naidu Amrutesh Reddy and others: Rs 12.73 crores have been refunded.
She emphasized the significance of these recoveries, saying that the ED’s actions demonstrate the government’s determination to rebuild institutional and public confidence in the financial system while making sure that cheated funds are recovered and given back to the appropriate parties.
The government’s actions against financial fraud, the Minister added, have sent a clear message to criminals, guaranteeing accountability and discouraging similar crimes in the future.
The Black Money Act of 2015:-
The Finance Minister emphasized how the 2015 Black Money Act has been successful in reducing foreign assets that are not disclosed. The number of taxpayers declaring foreign assets increased dramatically from 60,467 to over 2 lakh between 2021–2022, and then again between 2024–2025. By June 2024, the government had filed 697 cases under the Act, started 163 prosecutions, and made demands totaling Rs 17,520 crore.