New Delhi: Union Finance Minister Nirmala Sitharaman has revealed that the Enforcement Directorate (ED) has successfully restored assets worth Rs 22,280 crore to victims and rightful claimants, asserting the government's relentless commitment to combating economic offenders.
Speaking in the Lok Sabha during a debate on the first batch of Supplementary Demands for Grants, Sitharaman highlighted the significant efforts made by the ED in recent years to recover ill-gotten wealth and return it to the public sector banks and defrauded investors.
The Finance Minister pointed out that among the major cases, the ED has recovered properties valued at Rs 14,131.6 crore belonging to fugitive businessman Vijay Mallya, which were subsequently restored to public sector banks.
Similarly, properties worth Rs 1,052.58 crore from the Nirav Modi case were handed back to both public and private banks. In the case of Mehul Choksi, the ED has attached properties worth Rs 2,565.90 crore, which are now set to be auctioned.
Sitharaman also mentioned the recovery of Rs 17.47 crore worth of assets from the National Spot Exchange Ltd (NSEL) scam, which were returned to genuine investors defrauded by the scheme.
"On the Prevention of Money Laundering Act (PMLA), the ED has successfully restored properties valued at least Rs 22,280 crore from major cases. We have not left anyone behind, even if they fled the country. We have gone after them," she said. "The ED has collected this money and ensured that it is given back to the banks."
Turning to the issue of foreign black money, the Finance Minister highlighted the effectiveness of the Black Money Act, which was enacted in 2015. According to Sitharaman, the Act has had a significant deterrent effect, with a notable increase in taxpayers voluntarily disclosing their foreign assets. The number of taxpayers declaring foreign assets has surged from 60,467 in 2021-22 to over 2 lakh in the fiscal year 2024-25.
