Vijay Mallya, Nirav Modi, Mehul Choksi among 15 declared as Fugitive Economic Offenders, looted Rs 58,000 crore in bank frauds: Govt
Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara and Sudarsan Venkatraman are among India’s 15 Fugitive Economic Offenders (FEOs) as of October 31, 2025, and together they are responsible for causing financial losses of Rs 58,000 billion to banks.
Vijay Mallya, Nirav Modi and Mehul Choksi are among 15 declared Fugitive Economic Offenders (IANS)
Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara and Sudarsan Venkatraman are among India’s 15 Fugitive Economic Offenders (FEOs) as of October 31, 2025, and they are responsible for causing financial losses of over Rs 58,000 billion to public sector banks and institutions.
The Central government has declared these 15 persons as FEOs under the Fugitive Economic Offenders Act, 2018, said Union Minister of State for Finance Pankaj Chaudhary, providing details in his written reply to the Lok Sabha on Monday.
Nine of these were linked to major financial frauds targeting public sector banks and two of these criminals negotiated loan agreements under the One Time Settlement (OTS) mechanism, the minister said.
Citing official data on the status of FEOs, Chaudhary said several public sector lenders, including Bank of Baroda, Bank of India, UCO Bank, Union Bank of India, State Bank of India, Indian Overseas Bank and Punjab and Sind Bank, have reported significant losses due to financial crimes committed by these fugitives.
The culprits named in the reply include Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara, Sudarsan Venkatraman and related companies.
“Together, these cases resulted in unpaid principal of over Rs 26.645 billion and accrued interest in excess of Rs 31.437 billion as of the reporting date. The total recoverable amount is more than Rs 19.187 billion, of which Rs 1.630 billion has been paid or recovered through negotiated agreements, plus discount concessions worth Rs 3.542 billion,” the data said.
Asked whether the government was considering a policy such as legal travel bans or inclusion on watch lists to prevent such criminals from fleeing India in the future, the minister said no such proposal was being considered at the moment.
