- By Shibra Arshad
- Mon, 01 Dec 2025 08:16 PM (IST)
- Source:JND
The BJP-ruled central government, on the first day of Parliament’s Winter Session, revealed that fugitive offenders like Vijay Mallya, Nirav Modi have defrauded Indian banks of massive sums of Rs 58,000 crore. The document submitted by the Indian government revealed that the amount of Rs 58,000 includes principal and accumulated interest.
It was also revealed in Parliament that banks were able to recover Rs 19,187 crore so far through property seizure and auction.
Fugitive Defaulters And Their Dues
In a total of 53 economic offences, some of the most high-profile names have defrauded India’s banking system. These include Vijay Mallya, Nirav Modi, and the Sandesara family.
The documents revealed Vijay Mallya owes Rs 22,065 crore to several banks, out of which the banks have recovered over Rs 14,000 crore through seizure and auction of properties. On the other hand, owes Indian banks Rs 9,656 crore, and Rs 545 crore has been recovered. A total of over Rs 58,000 crore has been stolen from the Banking system by these absconding economic offenders.
Two Fugitive Offenders Make Repayment
The list of fugitive offenders includes 15 names, out of which 2 have negotiated a settlement with the banks they had borrowed money from.
Nitin Sandesara and Chetan Sandesara, promoters of Sterling Global Resources Pvt Ltd and Sterling SEZ and Infrastructure Ltd, have fully settled their dues with two public sector banks.
The brothers have paid back a total of Rs 496 crore to Indian Overseas Bank and Punjab National Bank, the government confirmed on Monday. Both men are still classified as fugitive economic offenders and face ongoing cases.
The efforts to secure assets, pursue extraditions, and maximise recoveries continue under the Fugitive Economic Offenders Act (FEOA) and Prevention of Money Laundering Act (PMLA).