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    15 Individuals Declared Fugitive Economic Offenders, Liable for ₹58,000 Crore to Public Sector Banks: Government

    1 month ago

    Yugcharan News | New Delhi | December 2, 2025

    The Union government has informed Parliament that 15 individuals, including businessmen Vijay Mallya and Nirav Modi, have been officially designated as Fugitive Economic Offenders (FEOs) as of October 31, 2025. Together, they owe nearly ₹58,082 crore to various public sector banks.

    The details were shared by Minister of State for Finance Pankaj Chaudhary in a written reply during the ongoing Winter Session of the Lok Sabha. The information was provided in response to a query raised by Congress MP Murari Lal Meena, who sought an update on offenders declared under the Fugitive Economic Offenders Act, 2018.

    According to the government, the outstanding liability comprises a principal amount of ₹26,645 crore and interest of ₹31,437 crore accrued until October 31, 2025. Authorities have so far recovered ₹19,187 crore from these offenders.

    High-profile cases

    Among those on the list, Vijay Mallya is accused of defaulting on loans exceeding ₹9,000 crore taken for the now-defunct Kingfisher Airlines. Nirav Modi, along with his uncle Mehul Choksi, is linked to the ₹13,000-crore fraud involving Punjab National Bank—one of the largest banking scams in the country.

    The list of FEOs also includes individuals connected to major financial irregularities such as the Sterling Biotech case and the Zylog Systems fraud.

    Supreme Court development

    Last week, the Supreme Court granted conditional relief to Nitin and Chetan Sandesara, key accused in the Sterling Biotech case. The Court said criminal proceedings would be quashed if the duo deposits ₹5,100 crore as part of a full and final settlement with lending banks.

    No new policy planned

    When asked whether the government was considering additional measures—such as travel bans or enhanced watchlists—to prevent economic offenders from leaving the country, the Finance Ministry stated that no such policy is currently under formulation.

    The Fugitive Economic Offenders Act, enacted in 2018, empowers authorities to seize assets of individuals who evade Indian law by remaining outside the country in cases involving amounts above ₹100 crore.

     

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