Vijay Mallya, Nirav Modi among 15 declared Fugitive Economic Offenders causing Rs 26,645 crore loss: MoS Finance

Union Minister of State for Finance Pankaj Chaudhary on Monday informed the Lok Sabha that a total of 15 individuals have been declared Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018 (FEOA) as of October 31, 2025.

The information was shared in response to an unstarred question raised by Lok Sabha member and Congress MP from Dausa, Murari Lal Meena, during the Winter Session of Parliament.

Meena asked the Finance Minister in Lok Sabha to answer, "The number of persons declared as fugitive economic offenders till date under the Fugitive Economic Offenders Act, 2018, especially in cases related to large-scale financial frauds committed against public sector banks; the details of total financial loss (in rupees) caused to public sector banks by these declared fugitive economic offenders, name-wise and bank-wise; the name and number of persons involved in the settlement along with the names of banks concerned, the amount settled, and the discount offered."


"Of the 15 offenders, nine are involved in large-scale financial fraud committed against public sector banks. The list includes several high-profile names, such as Vijay Mallya and Nirav Modi, among others, "Chaudhary said.

Minister of State for Finance Pankaj Chaudhary stated that these 15 FEOs collectively caused a principal financial loss of Rs 26,645 crore to banks up to October 31, 2025. In addition, the interest accrued on these loans from the date of becoming NPAs up to October 31, 2025, amounts to another Rs 31,437 crore.

Chaudhary informed the House that Rs 19,187 crore has been recovered from these offenders till October 31, 2025.

The names of declared Fugitive Economic Offenders are: Vijay Mallya, Nirav Modi, Nitin J Sandesara, Chetan J Sandesara, Dipti C Sandesara, Sudharshan Venkatraman, Ramanujam Sesharathnam, Pushpesh Kumar Baid, and Hitesh Kumar Narendrabhai Patel.

When asked whether the government was formulating a policy to ensure such offenders are prevented from leaving the country in the future, either through legal bans or watchlists, Pankaj Chaudhary said no such policy is currently being drafted.