New Delhi [India], December 2 (HBTV): 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, with the group responsible for causing financial losses of more than INR 58,000 crore to public sector banks and institutions. The details were provided by Union Minister of State for Finance Pankaj Chaudhary in a written reply to the Lok Sabha on Monday.
Chaudhary stated that all 15 individuals were declared FEOs under the Fugitive Economic Offenders Act, 2018. Of these, nine are linked to major financial frauds targeting public sector banks, and two have negotiated loan settlements under the One-Time Settlement mechanism.
Referring to official data on the status of FEOs, Chaudhary said multiple 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 offences committed by these individuals.
Those named in the reply include Nirav Modi, Mehul Choksi, Vijay Mallya, Nitin Sandesara, Chetan Sandesara, Sudarsan Venkatraman and their associated firms.
The data noted that the cases together have resulted in a principal outstanding of more than INR 26,645 crore and accrued interest of over INR 31,437 crore. The total recoverable amount is more than INR 19,187 crore, of which INR 1,630 crore has been settled or recovered through negotiated agreements, along with discount concessions worth INR 3,542 crore.
When asked whether the government is considering policies to prevent such offenders from fleeing the country in future—such as legal travel bans or watchlist measures—the Minister said no such proposal is currently under consideration.
(ANI)