Podcast | FEOO & The possible return of Vijay Mallya and Nirav Modi

The Enforcement Directorate (ED) is set to "confiscate" assets worth over Rs 15,000 crore as part of its first action against absconders such as liquor baron Vijay Mallya and diamantaire Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance, the PTI reported.

Officials said the agency has begun the work to bring together the existing cases of high-value fugitives and bank loan defaulters and it will soon approach various special anti-money laundering courts in the country to get orders issued against them under the new ordinance.

They said the money laundering cases against Vijay Mallya, who is now based in London, Nirav Modi and his uncle Mehul Choksi, Winsome Diamond company promoter Jatin Mehta and others are expected to be picked up first for action. The ED is the empowered agency to enforce the new ordinance.