₹58,082 Crore Still Owed by 15 Fugitive Economic Offenders: Government Pushes Stronger Crackdown & Recovery Strategy
The Union Finance Ministry informed the Lok Sabha on Monday that fifteen individuals officially designated as Fugitive Economic Offenders (FEOs) collectively owe Indian public sector banks a staggering ₹58,082 crore.
These individuals have escaped overseas after defaulting on massive loans and are being pursued under the Fugitive Economic Offenders Act, 2018 (FEOA).
According to the ministry’s written reply, the outstanding figure comprises ₹26,645 crore in principal and ₹31,437 crore as accumulated interest as of October 31, 2025, highlighting how rapidly liabilities continue to multiply when recovery is delayed.
Who are these fugitives, and how were they declared?
The list includes several high-profile names such as Vijay Mallya, Nirav Modi, and other business figures involved in massive banking frauds.
Nine out of the fifteen fugitives are directly linked to major scams affecting public sector banks.
These offenders were designated under the provisions of the FEO Act, which targets those who flee India to evade criminal prosecution in cases involving economic offences of ₹100 crore or more.
Once declared FEOs by a special court, their properties in India or abroad can be seized and liquidated.
Recovery so far
The government reported that banks have recovered ₹19,187 crore, amounting to roughly 33% of the total claim.
Two of the fugitives have initiated one-time settlement negotiations with banks in an attempt to resolve their liabilities. However, a significant ₹39,000+ crore remains unpaid.
The disproportionately high interest component of over ₹31,000 crore reflects the severe financial strain placed on India’s banking system, raising major concerns about deterrence, accountability and systemic security.
What steps is the government planning next?
The government has outlined a more aggressive, multi-pronged strategy to ensure full recovery and prevent similar incidents:
- Accelerated asset seizure and monetisation through the Enforcement Directorate and other agencies.
- Expedited extradition processes with cooperation from foreign governments and international agencies.
- Enhanced use of technology for tracking global financial trails and attached properties.
- Strengthening legal frameworks under the FEO Act and the Prevention of Money Laundering Act (PMLA).
- Coordination between CBI, ED, RBI and Interpol for faster action against absconding offenders.
- Tighter financial monitoring and risk assessment to prevent future large-scale banking fraud.
By tightening the enforcement chain, the Centre hopes to send a strong signal that fleeing the country will no longer provide immunity to major financial offenders.
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