The Enforcement Directorate, as per Finance Minister Nirmala Sitharaman, has probed 1,105 bank fraud cases under the Prevention of Money Laundering Act, seizing proceeds of crime totaling Rs 64,920 crore. Additionally, actions have been taken under the Fugitive Economic Offenders Act against individuals evading Indian law from abroad. Notable cases like the Nirav Modi and Vijay Mallya affairs, including the Punjab National Bank fraud, were referenced by Sitharaman.
Assets worth Rs 15,186 crore have been confiscated, with Rs 15,183 crore restored to public sector banks, as mentioned by the Finance Minister. She highlighted that 150 accused have been arrested, 277 prosecution complaints filed, and individuals declared Fugitive Economic Offenders under the FEOA. In response to discussions on amending the Insolvency and Bankruptcy Code, Sitharaman shared these details.
In relation to the Punjab & Maharashtra Co-operative Bank scam, Rs 104 crore has been recovered, and assets worth Rs 725 crore confiscated under FEOA provisions. The scam, exposed in 2019, involved granting a majority of loans to HDIL and its affiliates, concealing bad loans worth Rs 6,500 crore and impacting numerous depositors. Key officials were arrested, properties seized, and a merger with Unity Small Finance Bank approved by the RBI to facilitate fund return to depositors.
