India's Top Fugitive Economic Offenders Cause Billions in Bank Losses

Fifteen individuals, including Nirav Modi and Vijay Mallya, have been named India's Fugitive Economic Offenders as of October 2025, responsible for financial losses exceeding Rs 58,000 crore. Despite some loan settlements, the government is not currently considering additional measures to prevent future escapes.

The Indian government has named 15 individuals as Fugitive Economic Offenders, including high-profile figures like Nirav Modi, Mehul Choksi, and Vijay Mallya. Together, these individuals have inflicted financial damages surpassing Rs 58,000 crore on public sector banks and institutions, according to a disclosure made to the Lok Sabha by Union Minister of State for Finance Pankaj Chaudhary.

Chaudhary reported that nine of these fugitives are associated with significant frauds specifically targeting public sector banks. Among them, two have reached loan settlements through the One-Time Settlement mechanism. Public banks such as Bank of Baroda, State Bank of India, and others have suffered substantial losses due to these financial crimes, the minister further elaborated.

The outstanding principal from these cases stands at over Rs 26,645 crore, with interest accruing past Rs 31,437 crore. Although the recoverable amount is projected at more than Rs 19,187 crore, only Rs 1,630 crore has been settled or recovered, accompanied by discount concessions totaling Rs 3,542 crore. The minister stated that no new measures, such as travel bans or watchlists, are currently under consideration to curb such offenses in the future.

(With inputs from agencies.)