Finance Minister Highlights Major Property Recoveries in Economic Offences
In a speech in the Lok Sabha, Finance Minister Nirmala Sitharaman talked about the important work done by the Enforcement Directorate (ED) in dealing with economic crimes. She shared that the ED had recovered properties worth Rs 22,280 crores from major cases of economic offences.
She mentioned that a large part of the recovered assets came from fugitive businessmen. For example, properties worth Rs 14,131.6 crores from Vijay Mallya, who is accused of loan fraud, have been returned to public sector banks. Similarly, Rs 1,052.58 crores worth of assets from Nirav Modi, another fugitive, have been given back to public and private banks.
Other cases where assets were recovered include the National Spot Exchange Ltd (NSEL) scam, where Rs 17.47 crores were returned, and the SRS Group and Rose Valley Group scams, which saw Rs 20.15 crores and Rs 19.40 crores recovered, respectively. Assets from companies like Surya Pharmaceuticals and Heera Group were also handed back to banks.
Sitharaman assured that the government is committed to catching those involved in economic crimes. “We will make sure the money that belongs to the banks is returned,” she said.
She also spoke about India’s economy, mentioning that while GDP growth was lower than expected at 5.4% in the second quarter of 2024-25, this was a temporary setback. She pointed out that India’s average growth over the past three years was 8.3%, showing the economy’s strength despite challenges around the world.
The finance minister’s message was clear: the government is serious about tackling financial crimes and ensuring the country’s economy stays strong.
