InvestorQ : What has happened to the loans given by banks to scam tainted promoters like Choksi, Nirav Modi and Vijay Mallya? Have they already been written off by the banks?
Aashna Tripathi made post

What has happened to the loans given by banks to scam tainted promoters like Choksi, Nirav Modi and Vijay Mallya? Have they already been written off by the banks?

Answer
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Tisha Malhotra answered.
5 months ago


It has been disclosed in response to an RTI query posed to the Reserve Bank of India (RBI) that Indian banks had written off a staggering Rs.68,607 crore due from 50 top wilful defaulters. This includes absconding jewellers Mehul Choksi and Nirav Modi. The RTI response revealed that this write off was up to Sep 30, 2019 and could have gone up further by March 2020. Mehul Choiksi of Gitanjali is top of the list owing Rs.8102 crore. The second in the list is REI Agro, with an amount of Rs.4314 crore with the company and the promoters already under the ED scanner. The third on the list is Jatin Mehta's Winsome Diamonds owing Rs.4076 crore to banks and is also currently under ED and CBI investigations.