The Enforcement Directorate (ED) is likely to file its prosecution complaint against fugitive businessman Jatin Mehta next week to make ground to confiscate his assets worth Rs 172 crore under the new Fugitive Act. Recently the agency had made a provisional attachment belonging to Winsome Diamonds & Jewellery Limited, its promoter Jatin Mehta and other group companies in connection with a Rs 7,000-crore bank fraud case against consortium of 15 banks.
Similarly, SpeakAsia, Nitish Thakur, and a few other cases have also been listed against whom the ED is planning to file its prosecution complaint before the special PMLA court by the month end. Sources confirmed IndiaToday.In that in the next three-four months, the agency is all set to confiscate assets worth around Rs 20,000 crore as part of its action against all absconders under the new promulgated ordinance. "Out of 10-12 cases, six top fugitive cases are getting investigated in the Mumbai zonal office itself. These six cases cover the maximum confiscation amount of nearly Rs 17,000 crore. The names are: Vijay Mallya, Nirav Modi, Mehul Choksi, Jatin Mehta, Nitish Thakur and Speakasia," said sources.
Tconfiscation amount of Vijay Mallya comes out to be Rs 12,500 crore while it is Rs 4,000 crore in case of Nirav Modi and Mehul Choksi. In case of Jatin Mehta, Nitish Thakur and Speakasia, the amount comes out to be Rs 172 crore, Rs 100 crore and Rs 101 crore, respectively.
As per the reports, the ED is the only empowered agency to enforce the new ordinance.
Under the new Fugitive Act, all assets of absconders, both in India and abroad, which have or have not been attached by the ED under the Prevention of Money Laundering Act (PMLA), will be confiscated immediately. "Three factors are crucial while identifying these fugitive cases. One, the prime accused should be an absconder (hiding outside India); second, the proceeds of crime should be more than Rs 100 crore; and third, the agency should have filed the prosecution complaint (chargesheet) against them," the source said.
In comparison to the latest Fugitive Act, earlier under the PMLA Act, the ED was permitted to confiscate the assets only once the trial finishes, which usually takes a long time, at least seven to eight year.