India, June 23 -- The Enforcement Directorate (ED) on Tuesday transferred assets worth Rs.8,441 crore to banks who suffered losses due to frauds by Vijay Mallya, Nirav Modi and Mehul Choksi. The three fugitives cheated the public sector banks of Rs.22,586 crore, out of which 80.45% ( Rs.18,170 crore) has been attached/seized by the ED, the agency said in a release.

With the latest transfer, assets worth Rs.9,371 crore have been handed over to the banks so far, which amounts to 40% of their losses, the agency said. Thee include assets worth Rs.329.67 crore that were confiscated, the agency further said.

The ED said that it unearthed the money trail by exposing a web of domestic and international transactions and stashing of assets abroad...