Banks get over ~792 crore in Mallya loan default case: ED

The State Bank of India (Sbi)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received ~792.11 crore in its accounts after some shares, earlier attached under the anti-money laundering law, were sold, the Enforcement Directorate (ED) said. With this, the ED claimed that the banks and the government exchequer have realised 58 per cent out of the total fraud perpetrated in two of the country’s biggest criminal bank loan heist cases till date. Apart from the Mallya case, the other case pertains to over ~13,500 crore alleged bank loan cheating in the Brady House (Mumbai) branch of the Punjab National Bank that is alleged to have been orchestrated by diamond merchant Nirav Modi and his uncle Mehul Choksi. Last month too, the banks consortium had realised more than ~7,181 crore in the Mallya case after a similar sale of attached shares.