A consortium of banks led by the State Bank of India has recovered Rs 792.11 crore through the sale of shares of fugitive businessman Vijay Mallya, the Enforcement Directorate said on Friday. The group of banks received the shares of the now defunct Kingfisher Airlines from the Enforcement Directorate.
In December 2018, the consortium of banks had initiated bankruptcy proceedings against Mallya, who owes more than Rs 9,000 crore. Mallya is currently living in the United Kingdom on bail, having lost a legal battle against extradition to India to face charges of fraud and money laundering.
He has repeatedly denied the charges against him and offered to pay back 100% of the amount borrowed by Kingfisher Airlines, but neither the banks nor the Enforcement Directorate has accepted the offer.
The Enforcement Directorate said on Friday that the banks have already recovered an additional Rs 7,181.50 crore by liquidating Mallya’s assets,.
The investigating agency had recently…
