SBI-led consortium gets `5,824.5 cr in Mallya loan default case, says ED

New Delhi: A State Bank of India (SBI)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said.

Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore.

The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai.

These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.

"Today, SBI led consortium received Rs 5824.5 crore in its account from the sale of shares of United Breweries Limited."

"The sale had taken place on 23.06.2021 as sequel to the transfer of the shares to the Recovery Officer by ED," the central agency tweeted.

The rest of the shares worth about Rs 800 are "expected" to be sold and realised in the accounts of the SBI-led group of banks by June 25, it had earlier said.

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

On Wednesday, the ED had said the banks had "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya.

The liquor baron has lost his case against extradition to India and as he has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final, the ED had said.