15 Declared as Fugitive Economic Offenders, ₹58,082 Crore Owed
The Union government has told Parliament that 15 individuals have been formally declared as “Fugitive Economic Offenders” (FEOs) under the Fugitive Economic Offenders Act, 2018 (FEOA). These individuals, including high-profile names such as Vijay Mallya and Nirav Modi, collectively owe Indian public sector banks a sum of ₹58,082 crore — consisting of ₹26,645 crore principal and ₹31,437 crore accrued interest as of 31 October 2025.
Banks’ Recovery and Outstanding Amount
So far, banks have managed to recover ₹19,187 crore from these offenders. Despite this, more than two-thirds of the dues — roughly ₹38,895 crore — remain unrecovered, highlighting the scale of liability and the challenges involved in asset recovery and enforcement.
Scope of Defaults and Fraud Cases
Among the 15 declared FEOs, nine are linked to major banking frauds. The amounts in question span across multiple high-value loans and defaults, including the now-defunct airline associated with Vijay Mallya and the large-scale fraud connected to Nirav Modi. The FEOA enables authorities to confiscate and attach assets belonging to offenders, even if they are living abroad, and to pursue recovery on behalf of banks.
Significance for Public Sector Banks and Enforcement
The massive outstanding dues underscore persistent stress on public sector banks caused by defaults linked to economic offenders. While the FEOA provides legal tools for asset seizure, the limited recovery — only about one-third so far — suggests enforcement and legal hurdles remain substantial. The government’s disclosure in Parliament brings renewed focus on tracking assets, accelerating settlements, and strengthening deterrence.
