The government told Parliament (Lok Sabha) about the status of big financial crime cases in India. As of October 31, 2025, a total of 15 individuals have been officially declared Fugitive Economic Offenders by various courts. These individuals have caused a loss of over ₹57,000 crore to various banks. So far, ₹19,187 crore has been recovered from all 15..
Of these, nine are connected to major frauds involving public sector banks, highlighting the significant impact on the financial system.
The list of Fugitive Economic Offenders includes well-known names such as Nirav Modi and Vijay Mallya, along with Nitin, Chetan, and Dipti Sandesara of the Sterling Group. It also features others linked to major bank frauds, including Hitesh Kumar, Narendrabhai Patel, Sudharshan Venkataraman, Ramanujam Sesharathinam, and Pushpesh Kumar Baid.
Notably, the Sandesara brothers have already settled a portion of their dues through a one-time settlement (OTS) with banks such as Indian Overseas Bank, Punjab National Bank, Union Bank of India, and the State Bank of India. This marks a partial progress in the recovery process.
The Supreme Court said that criminal cases against the Sandesara brothers in the Sterling Biotech bank fraud case can be cancelled, but only if they pay ₹5,100 crore to the banks as a final settlement. The Court said that if the public’s money is recovered, continuing criminal cases may not serve any purpose.
The government also shared details in Parliament about two major businessmen — Vijay Mallya and Nirav Modi who took huge loans from Indian banks but did not repay them. Because of this, several banks suffered big losses. The government shared details about how much these businessmen owed to banks, how much interest built up, and how much money has been recovered so far.
Mallya and Nirav Modi affect.
Vijay Mallya – Vijay Mallya’s loans to various banks have resulted in significant losses, combining both principal and interest. The State Bank of India (SBI) faced the largest impact, with a total loss of around ₹18,800 crore, of which ₹10,814 crore has been recovered. Punjab National Bank (PNB) incurred a loss of approximately ₹1,224 crore, and ₹946 crore has been recovered so far. Similarly, the Bank of Baroda reported a total loss of about ₹1,836 crore, with ₹996 crore recovered to date.
Nirav Modi – Nirav modi loaoans have caused substantial losses for several banks. Punjab National Bank, which was at the center of the main scam, suffered a total loss of ₹6,799 crore, but only ₹93 crore has been recovered so far. Loans to PNB’s Firestar International account resulted in a loss of around ₹621 crore, with ₹163 crore recovered. Additionally, the Bank of Baroda faced a loss of approximately ₹508 crore, of which ₹99 crore has been recovered.
Since June 2014, 120 people have been convicted under the Prevention of Money Laundering Act (PMLA). Up to October 31, 2025, the Enforcement Directorate (ED) has registered 6,312 cases, filed 1,805 main charge sheets, and submitted 568 supplementary charge sheets.
The law was amended in August 2019. The key change was that the ED must submit closure reports to a Special Judge when there is no evidence of money laundering. Since then, the ED has filed 93 such closure reports. Before the amendment, from 2005 to 2019, the ED could close cases internally and had done so in 1,185 cases.
