Rs 18,000 crore returned to banks from business tycoons like Mallya and others: Centre to SC

The Centre on Wednesday informed the Supreme Court that Rs 18,000 crore has been returned to banks from 'renegade' tycoons Vijay Mallya, Nirav Modi and Mehul Choksi who are all wanted in money laundering cases, acording to ndtv.com.

The apex court is hearing petitions challenging the authority given to the Enforcement Directorate in the cases.

Senior advocates like Kapil Sibal, Abhishek Manu Singhvi and Mukul Rohatgi have intimated the Supreme Court about the "potential misuse of the recent amendments to the Prevention of Money Laundering Act or PMLA," adds ndtv.com. 

A very few cases are taken up for probe under PMLA in India vis-a-vis abroad, the union govdernment told a bench comprising Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar.