(MENAFN- Live Mint) The Union government has declared as many as 15 individuals, including Vijay Mallya and Nirav Modi, as Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018 (FEOA) as of 31, October 2025, Union Minister of State for Finance Pankaj Chaudhary on Monday informed the Lok Sabha during the ongoing Winter Session of Parliament

The information was disseminated in response to an unstarred question raised by Lok Sabha member and Congress Member of Parliament from Dausa, Murari Lal Meena, during the Winter Session of Parliament.

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Overall, these fugitive economic offenders together owe ₹58,082 crore to about a dozen public sector banks. This includes a principal amount of ₹26,645 as of the date of NPA and ₹31,437 as Interest accrued from the date of NPA until 31 October 2025. As of 31 October 2025, ₹19,187 crore has been recovered from these offenders, the government stated in its response.

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Meena had sought from the Finance Minister in Lok Sabha the details about number of persons declared as fugitive economic offenders till date under the Fugitive Economic Offenders Act, 2018, especially in cases related to large-scale financial frauds committed against public sector banks.

Meena had sought from the Finance Minister in Lok Sabha the details about the number of persons declared as fugitive economic offenders to date under the Fugitive Economic Offenders Act, 2018, especially in cases related to large-scale financial frauds committed against public sector banks.

"Of the 15 offenders, nine are involved in large-scale financial fraud committed against public sector banks. The list includes several high-profile names, such as Vijay Mallya and Nirav Modi, among others, "Chaudhary said in the response available on the Lok Sabha website.

Charges against Mallya and Nirav

Mallya is accused of a fraud involving over ₹9,000 crore borrowed from a consortium of Indian public-sector banks for his now-defunct Kingfisher Airlines. Nirav, along with his uncle Mehul Choksi, is accused of ₹13,000-crore scam against Punjab National Bank (PNB) - one of the biggest banking frauds in India's history.

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The government brought in the FEO Act in 2018 to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts. The Act empowers authorities to confiscate and attach the proceeds of crimes and assets when the amount involved in the case exceeds ₹100 crore.

Who all are in the list of FEOs

Those who have been declared Fugitive Economic Offenders in the list are: Vijay Mallya, Nirav Modi, Nitin J Sandesara, Chetan J Sandesara, Dipti C Sandesara of the Sterling Biotech fraud case, Sudharshan Venkatraman, Ramanujam Sesharathnam, the erstwhile promoters of Zylog Systems Ltd, Pushpesh Kumar Baid, and Hitesh Kumar Narendrabhai Patel.

The list includes several high-profile names, such as Vijay Mallya and Nirav Modi.

Nitin and Chetan Sandesara have settled certain dues with Indian Overseas Bank, Punjab National Bank, Union Bank of India, and State Bank of India.

Supreme Court relief

Last week, the Supreme Court directed the quashing of all criminal proceedings against the Sandesara brothers in the Sterling Biotech bank fraud case, provided they deposit ₹5,100 crore as a“full and final payment” to the lender banks.

“If the petitioners (Sandesara brothers) are ready to deposit the amount as settled in the one-time settlement (OTS), and public money comes back to the lender banks, the continuation of the criminal proceedings would not serve any useful purpose,” the Court said.

When asked whether the government was formulating a policy to prevent such offenders from leaving the country in the future, either through legal bans or watchlists, Pankaj Chaudhary said that no such policy is currently being drafted.

(With agency inputs)

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