Finance Minister Highlights Major Economic Offence Property Restorations

Finance Minister Nirmala Sitharaman informed Lok Sabha of the Directorate of Enforcement's success in restoring properties worth Rs 22,280 crore related to economic offences, including significant amounts from Vijay Mallya and Nirav Modi. She reaffirmed the government's commitment to pursuing economic offenders amidst global economic challenges.

Finance Minister Nirmala Sitharaman has detailed significant achievements of the Directorate of Enforcement, announcing the restoration of properties worth Rs 22,280 crore linked to economic offences. Addressing the Lok Sabha during the debate on the Supplementary Demands for Grants for 2024-2025, she highlighted the successful recovery of assets, including Rs 14,131.6 crore from fugitive Vijay Mallya, returned to public sector banks.

The minister further disclosed that Rs 1,052.58 crore linked to Nirav Modi and recovered assets from scams involving entities like National Spot Exchange Ltd and others have been handed over to banks. Rs 2,565.90 crore in assets related to Mehul Choksi were also restored. Sitharaman stressed the government's resolute approach to ensuring economic offenders are accountable, emphasizing that funds are returned to banks.

Sitharaman also addressed the broader economic landscape, noting the GDP growth averaging 8.3% over the past three years, despite a recent slowdown. She attributed the dip in the second quarter's 5.4% growth rate to global challenges, assuring that it's a temporary phase with resilience shown by the Indian economy.

(With inputs from agencies.)