Finance Minister Nirmala Sitharaman in Lok Sabha informed that ED has restored the properties to the tune of Rs 22,280 crores in several high-profile cases of economic offense. It has benefited the public as well as private sector banks, reflecting that the government is serious in its attempts to crack down on financial fraud.
The biggest recovery is of absconding businessman Vijay Mallya, to whom the attached properties amounted to Rs 14,131.6 crores, which have been released back to public sector banks. In the case of Nirav Modi, to recover the losses arising out of his financial crimes, Rs 1,052.58 crores have been restored to banks so far.
ED has not only restored properties, but also handed them over to banks
In the National Spot Exchange Limited scam, Rs 17.47 crores have been recovered, while properties worth Rs 2,565.90 crores tied to Mehul Choksi have been handed over to banks. Other notable recoveries include Rs 20.15 crore from SRS Group, Rs 19.40 crore from Rose Valley Group, Rs 185.13 crore from Surya Pharmaceuticals, Rs 226 crore from Heera Group, and Rs 12.73 crore from Naidu Amrutesh Reddy and others.
Sitharaman, however, emphasized the firm stance of the government regarding pursuing economic offenders. “We have not left anybody in economic offenses. We will ensure that money due to banks is recovered,” she said during her reply to the debate on Supplementary Demands for Grants.
Economic Growth Addressed
Sitharaman also addressed concerns over the country’s economic growth. While India’s GDP growth slowed to 5.4% in the second quarter of FY 2024-25—below the RBI’s forecast of 7%—she dismissed it as a “temporary blip.” She pointed out that India’s GDP growth has averaged 8.3% over the past three years, showcasing resilience amid global challenges.
While there have been headwinds, the government still feels optimistic about the trajectory of the economy in the longer term,” the minister assured the Lok Sabha.
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