40% of loss in Mallya, PNB scams recovered from sale of shares : ED

TIL Desk/Business/New Delhi/ About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya’s defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.

It said the Debts Recovery Tribunal (DRT), on behalf of an SBI-led consortium that lent money to Mallya, on Wednesday sold shares worth over Rs 5,800 crore of United Breweries Limited (UBL) that were earlier attached by the agency under provisions of the PMLA.

This attachment was earlier done by the ED as part of its criminal probe against 65-year-old Mallya, who is now in the UK. The ED said the DRT action came after the agency transferred the shares (worth nearly Rs 6,600 crore of UBL) attached by it to the SBI-led consortium on the direction of the special PMLA court in Mumbai.