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The government has revealed that 15 individuals declared as “fugitive economic offenders” owe Indian public sector banks a total of ₹58,082 crore. It was informed by the Union Finance Ministry in the Lok Sabha on Monday.
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The figure includes ₹26,645 crore in principal and ₹31,437 crore in interest as of 31 October 2025.
Who are they & how were they declared?
The list includes high-profile names such as Vijay Mallya and Nirav Modi, among others who have been declared FEOs under the Fugitive Economic Offenders Act, 2018 (FEOA). Out of the fifteen fugitives, nine are linked to major financial frauds involving public sector banks. A written reply in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary confirmed the number and the outstanding amount.
How much has been recovered?
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So far, banks have managed to recover about ₹19,187 crore from the group of fugitives. It means roughly 33 % of the total claim of ₹58,082 crore. Two of the 15 fugitives have already entered into one-time settlement talks with banks. The government continues to pursue asset seizures, extradition or legal proceedings to recover the rest.
These defaults by accused fugitives pose a major challenge to public sector banks and the financial system. The high interest component of over ₹31,000 crore shows how much the liability continues to balloon. The fact that only one-third of dues have been recovered so far raises concerns about enforcement and deterrence of financial crime.
