Fugitives like Vijay Mallya, Nirav Modi owe over Rs 58,000 crore to banks, Parliament told
Among the 53 fugitive economic offence cases flagged by authorities are some of the country's most notorious bank defaulters, Vijay Mallya, Nirav Modi and the Sandesara brothers, all accused of large-scale fraud against Indian lenders. The government also clarified that out of these, 15 individuals are classified as major fugitive offenders, with two of them having negotiated settlements with their banks.
New Delhi: The government on Monday presented detailed information in Parliament on the massive dues owed by fugitive economic offenders, revealing that Indian banks are yet to recover more than Rs 58,000 crore in principal and accumulated interest. According to the data submitted, lenders have so far managed to recover Rs 19,187 crore through asset seizures and liquidation processes.
Major defaulters flagged
A total of 53 cases of fugitive economic offences have been identified, featuring several high-profile defaulters accused of cheating India’s banking system, including Vijay Mallya, Nirav Modi and the Sandesara brothers. As per the details shared, Vijay Mallya’s unpaid dues amount to Rs 22,065 crore, of which banks have already recovered over Rs 14,000 crore through seized assets and liquidation. Nirav Modi owes Rs 9,656 crore, with recoveries standing at Rs 545 crore so far.
The government noted that the list consists of 15 key fugitive offenders, two of whom have reached settlement agreements with lenders. Officials said recovery efforts continue under the Fugitive Economic Offenders Act (FEOA) and the Prevention of Money Laundering Act (PMLA), with authorities pursuing asset attachment, extradition, and other measures to maximise recoveries.
Settlements and recoveries
The figures highlight the enormity of India’s effort to hold economic offenders accountable for large-scale loan defaults. The government also informed Parliament that Nitin Sandesara and Chetan Sandesara of Sterling Global Resources Pvt Ltd and Sterling SEZ and Infrastructure Ltd have settled their dues with Indian Overseas Bank and Punjab National Bank, with the combined settlement amounting to Rs 496 crore.