|
Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara and Sudhir S Venkatramanare are among India's 15 Fugitive Economic Offenders (FEOs) as of October 31, 2025, as they together are responsible for causing financial losses of over Rs 58,000 crore to public sector banks and institutions.
Union Minister of State for Finance Pankaj Chaudhary provided the details in a written reply to the Lok Sabha on Monday, informing that the Central government declared these 15 individuals as FEOs under the Fugitive Economic Offenders Act, 2018. Of these, the Minister said nine individuals are linked to major financial frauds targeting public sector banks, and that two of these offenders have negotiated loan settlements under the One-Time Settlement (OTS) mechanism. Citing official data on the status of FEOs, Chaudhary stated that multiple public sector lenders--including Bank of Baroda, Bank of India, UCO Bank, Union Bank of India, State Bank of India, Indian Overseas Bank and Punjab and Sind Bank--have reported substantial losses due to financial offences committed by these fugitives. The offenders named in the reply include Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara, Sudhir S. Venkatraman and associated firms. "Together, these cases have resulted in a principal outstanding of over Rs 26,645 crore and accrued interest exceeding Rs 31,437 crore as of the reporting date. The total recoverable amount stands at more than Rs 19,187 crore, out of which Rs 1,630 crore has been settled or recovered through negotiated agreements, alongside discount concessions worth Rs 3,542 crore," the data mentions. When asked whether the government is considering a policy to prevent such offenders from fleeing India in the future--such as legal travel bans or inclusion in watchlists--the minister responded that no such proposal is currently under consideration. (ANI)
|
