NEW DELHI: Fugitive financial offenders collectively owed greater than Rs 58,082 crore to Indian public sector banks, the Union finance ministry has knowledgeable Lok Sabha on Monday. The determine included Rs 26,645 crore in principal and Rs 31,437 crore in accrued curiosity as of October 31, 2025. The ministry knowledgeable {that a} whole of 15 people, together with Vijay Mallya and Nirav Modi, have been declared Fugitive Financial Offenders (FEOs) below the Fugitive Financial Offenders Act, 2018, of which 9 are linked to main monetary frauds involving public sector banks.
The federal government Vijay Mallya’s Kingfisher Airways-related accounts present one of many largest exposures, with the State Financial institution of India reporting Rs 6,848.28 crore in principal dues, which rise to Rs 11,960.05 crore after curiosity. A number of different PSU banks additionally report unpaid quantities linked to him. Nirav Modi, by means of varied entities together with Firestar and diamond group firms, owes greater than Rs 7,800 crore in principal alone. The one largest line merchandise is Rs 6,799.18 crore below Punjab Nationwide Financial institution’s “non-borrowal fraud” class. His accounts additionally characteristic throughout SBI, Financial institution of India, Canara Financial institution, Indian Financial institution and others. Firms linked to the Sandesara household (Sterling Biotech, Sterling SEZ, Sterling World Oil Assets and associated entities) appeared in a number of mortgage accounts throughout a number of banks. A few of the largest exposures embody Rs 1,392.78 crore owed to Financial institution of India and Rs 982.50 crore to the State Financial institution of India. Until date, banks have managed to recuperate Rs 19,187 crore from all fugitive offenders to date, in line with the finance ministry. Which means out of the Rs 58,082 crore owed, about Rs 38,895 crore stays unpaid, excellent principal and curiosity that banks haven’t been capable of recuperate but.The federal government additionally informed the Home that solely two fugitive offenders have negotiated One-Time Settlements (OTS): Nitin and Chetan Sandesara with Indian Financial institution, and Sterling World Oil Assets Pvt Ltd with the State Financial institution of India. In response as to whether a coverage is being drafted to stop financial offenders from leaving the nation, the federal government stated that no such proposal is at the moment into account.Learn the reply right here: