FM Nirmala Sitharaman Highlights Recovery of Rs 22280 Crores by ED

Finance Minister Nirmala Sitharaman, speaking in the Lok Sabha on December 17, showcased the significant progress made by the Enforcement Directorate (ED) in recovering and restoring assets related to economic offences. She announced that properties worth Rs 22,280 crores had been restored to banks, underscoring the government’s proactive measures in tackling economic frauds.

FM Nirmala Sitharaman in Lok Sabha on 17th December 9 - "The Enforcement Directorate has successfully restored properties worth around Rs 22,280 crores, and I am only talking about the major cases...Vijay Mallya - Rs 14,131.6 crores, the complete amount of the attached property… pic.twitter.com/l4vn9XzuBP

— ANI (@ANI) December 18, 2024

Key Recoveries in Major Cases:

Vijay Mallya: The ED has successfully restored Rs 14,131.6 crores—the full amount of attached properties—to Public Sector Banks.

Nirav Modi: Assets worth Rs 1,052.58 crores have been handed back to Public and Private Sector Banks.

Mehul Choksi and Associates: Rs 2,565.90 crores in assets were recovered.

Bhushan Power and Steel Ltd (BPSL): Following a Supreme Court order, Rs 4,025 crores have been restituted to JSW.

National Spot Exchange Ltd (NSEL) Scam: Rs 17.47 crores restored to the banks.

SRS Group: Recovery of Rs 20.15 crores.

Rose Valley Group: Rs 19.40 crores recovered.

Surya Pharmaceuticals Ltd: Rs 185.13 crores returned to banks.

Heera Group (Nowhera Sheikh and Others): Rs 226 crores recovered.

Nafisa Overseas and Others: Rs 25.38 crores restored.

Naidu Amrutesh Reddy and Others: Rs 12.73 crores recovered.

FM Nirmala Sitharaman Highlights ED's Success 

The Finance Minister stated that these recoveries reflect the government’s unwavering commitment to pursuing economic offenders and ensuring accountability. “It is important to recognize that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back,” she declared.

The ED’s achievements are a significant milestone in recovering public funds and sending a strong message against economic offences. These efforts demonstrate the government’s resolve to uphold financial integrity and deter future frauds. The recoveries are expected to bolster public confidence in India’s financial governance.