The Indian government has officially designated 15 individuals as Fugitive Economic Offenders (FEOs), with the notorious duo of Vijay Mallya and Nirav Modi topping the list. These individuals collectively owe a staggering ₹58,082 crore to the nation's public sector banks, as revealed in Parliament.
Parliamentary Disclosure and Staggering Debt
Union Minister of State for Finance, Pankaj Chaudhary, provided this critical information to the Lok Sabha on Monday, December 2, 2025, during the ongoing Winter Session. The disclosure came in response to a question raised by Congress MP from Dausa, Murari Lal Meena.
The minister confirmed that as of 31 October 2025, these 15 persons have been declared under the Fugitive Economic Offenders Act, 2018 (FEOA). The colossal debt of ₹58,082 crore comprises a principal amount of ₹26,645 crore and accrued interest of ₹31,437 crore calculated from the date the loans were classified as Non-Performing Assets (NPAs) until the end of October this year.
Recovery Efforts and Offender Details
In a silver lining, the government informed Parliament that efforts to claw back these funds have yielded some success. A total of ₹19,187 crore has been recovered from these offenders as of the same cut-off date.
Out of the 15 declared fugitives, nine are specifically involved in large-scale financial frauds targeting public sector banks. The high-profile list, beyond Mallya and Modi, includes names like Nitin J Sandesara, Chetan J Sandesara, Dipti C Sandesara, Sudharshan Venkatraman, Ramanujam Sesharathnam, Pushpesh Kumar Baid, and Hitesh Kumar Narendrabhai Patel.
No New Policy to Prevent Escape
When questioned on whether the government is formulating a specific policy to prevent such economic offenders from fleeing the country in the future—through mechanisms like legal bans or watchlists—Minister Chaudhary stated that no such policy is currently being drafted.
This revelation underscores the ongoing challenge faced by Indian authorities in tackling high-value financial fraud and bringing the perpetrators to justice, especially those who have sought refuge abroad. The declaration under the FEOA empowers the government to confiscate their properties in India to settle the debts.
