ED's Triumph: Rs 22,280 Crore Restored to Bank Victims

Finance Minister Nirmala Sitharaman announced that the Enforcement Directorate has restored properties worth Rs 22,280 crore to victims of fraud. Properties were reclaimed in cases involving Vijay Mallya, Nirav Modi, and others, highlighting the ongoing fight against economic offenders and the effectiveness of the 2015 Black Money Act.

The Indian Finance Minister, Nirmala Sitharaman, confirmed on Tuesday that the Enforcement Directorate (ED) has successfully restored properties valued at Rs 22,280 crore to rightful claimants. This recovery aligns with the government's pledge to intensify the battle against economic offenders.

Sitharaman, speaking in Lok Sabha during the Supplementary Demands for Grants debate, revealed significant property restitutions. Key recoveries include Rs 14,131.6 crore from fugitive Vijay Mallya and Rs 1,052.58 crore related to Nirav Modi, benefiting both public and private sector banks.

The Finance Minister also mentioned improvements due to the 2015 Black Money Act. A surge in foreign asset disclosures was noted, with tax demands exceeding Rs 17,520 crore in 697 cases, underscoring its substantial deterrent impact on tax evaders.

(With inputs from agencies.)