Banks Recover ₹ 13,100 Crore from Wilful Defaulters

New Delhi: Finance Minister Nirmala Sitharaman yesterday said that banks have recovered ₹  13,109.17 crore from asset sale of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi.

She said this while replying to a discussion on the second batch of Supplementary Demands for Grants which was approved by the Lok Sabha amid uproar by the Opposition over various issues.

The Supplementary Demands for Grants authorised the government to spend an additional ₹  3.73 lakh crore during the current fiscal.

The extra spending include infusion of over ₹  62,000 crore into the company that holds residual assets and liabilities of Air India, ₹ 58,430 crore by way of additional fertiliser subsidy, ₹ 53,123 crore towards payment of pending export incentives and ₹ 22,039 crore to rural development ministry for transfer to the National Rural Employment Guarantee Fund.

Speaking on the banks’ recovery from wilful defaulters, she said that a total of ₹  13,109.17 crore has been recovered from the asset sales of Vijay Mallya, Nirav Modi and Mehul Choksi as of July 2021 as per the information provided by the Enforcement Directorate.

The latest recovery was ₹  792 crore from the sale of assets belonging to Vijay Mallya and others on July 16, 2021, she added.