Nine Declared Fugitive Economic Offenders: ED Updates

Minister of State for Finance Pankaj Chaudhary informed Parliament that nine defaulters have been declared Fugitive Economic Offenders under the FEOA. The Directorate of Enforcement has confiscated assets worth Rs 725.90 crore, and 25 extradition requests for 16 accused individuals have been sent. Scheduled Commercial Banks recovered Rs 6.82 lakh crore in NPAs over five years.

The Directorate of Enforcement (ED) has declared nine defaulters as Fugitive Economic Offenders, according to a statement from Minister of State for Finance Pankaj Chaudhary in Parliament on Tuesday.

The Fugitive Economic Offenders Act, 2018 (FEOA) aims to attach and confiscate property of those deemed fugitive economic offenders, Chaudhary explained in a written reply to the Rajya Sabha. He mentioned that nine individuals accused of fleeing abroad have been classified under this category by the ED.

Additionally, the ED has sent 25 extradition requests concerning 16 absconders, and assets totaling Rs 725.90 crore have been confiscated under FEOA provisions. On the issue of bad loans, Scheduled Commercial Banks (SCBs) recovered Rs 6.82 lakh crore in NPA accounts, including written-off loans, over the last five financial years. The gross NPA ratio for SCBs decreased to 2.75% as of March 31, 2024, from a high of 11.18% in 2018.

Chaudhary highlighted that debt write-offs by public sector banks fell to Rs 1.14 lakh crore in 2023-24 from Rs 1.18 lakh crore the previous year. The number of reported fraud cases (involving Rs 1 lakh and above) in the categories of 'Credit Cards, ATM / Debit Cards, and Internet Banking' surged to 29,082 cases with an involved amount of Rs 1,457 crore, up from 6,699 cases involving Rs 277 crore.