The enforcement directorate (ED) on Wednesday said they have recovered 40 per cent of the money, which is Rs 9,0141.5 crore, allegedly laundered by Nirav Modi, Mehul Choksi and Vijay Mallya even as the Centre has fired blanks in its recent attempts to bring back Choksi from the Carribean, which involved sending a special plane from India all the way to Dominica.

The ED’s announcement is being seen as an attempt to cover up the government’s embarrassment over its failure to promptly extradite Mehul Choksi from Dominica after his alleged abduction from neighbouring Antigua where he is a citizen.

While the names of Modi and Choksi allegedly figure in the Rs 13,500-crore scam at PNB, Mallya owes around Rs 9,000 crore to more than a dozen banks. According to the agency, the trio have siphoned off funds through their companies which resulted in a total loss of Rs 22,585.83 crore to the lenders.

The ED said that after the FIRs were filed by the CBI against the trio, it took swift action and seized assets worth Rs 18,170.02 crore, including Rs 969 crore in foreign countries. The sum represents 80.45 per cent of the total bank losses.

Tax pacts

The Cabinet on Wednesday approved an agreement between India and the Carribean nations Saint Vincent and the Grenadines for the exchange of tax information and assistance in collection.

The pact is a unique arrangement which will allow representatives from the two nations to enter each other’s territory to interview individuals and examine records for tax purposes.