The Great Escape: Fugitive Economic Offenders Owe Billions

Fifteen individuals, including Vijay Mallya and Nirav Modi, have been declared Fugitive Economic Offenders (FEOs), collectively owing over Rs 58,000 crore to banks. Nine are linked to large-scale financial frauds against public sector banks. About Rs 19,187 crore have been recovered by October 31.

Fifteen individuals, notably Vijay Mallya and Nirav Modi, have been officially labeled as Fugitive Economic Offenders (FEOs), as confirmed in a parliamentary briefing. Collectively, these offenders owe over Rs 58,000 crore to several banks.

In a written response to the Lok Sabha, Minister of State for Finance, Pankaj Chaudhary, detailed that as of October 31, the FEO designation has been assigned under the Fugitive Economic Offenders Act, 2018.

The figures reveal that nine individuals are implicated in significant fraud against public sector banks. Meanwhile, two fugitives have engaged in loan negotiations under a One-Time Settlement scheme. To date, Rs 19,187 crore have been successfully recovered.

(With inputs from agencies.)