Fugitive Economic Offenders Owe Banks Rs 58K Cr

New Delhi, Dec 1 (PTI) As many as 15 individuals, including Vijay Mallya and Nirav Modi, have been declared as Fugitive Economic Offenders (FEOs) who collectively owe over Rs 58,000 crore to banks, Parliament was informed on Monday.

In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said as on October 31, 15 persons have been declared as Fugitive Economic Offenders (FEOs) by the Special Court, FEOA under the provisions of the Fugitive Economic Offenders Act, 2018 (FEOA).

Of this, nine persons are linked to large-scale financial frauds committed against public sector banks.

Two fugitive economic offenders have negotiated a loan settlement under One Time Settlement, he added.

These 15 offenders together owe Rs 26,645 crore as principal loan amount to the banks, while the interest component is Rs 31,437 crore. Taken together, these fugitive economic offenders owe Rs 58,082 crore to the 12 state-owned banks, including PNB, Bank of Baroda, State Bank of India, UCO Bank, Punjab and Sind Bank and Indian Bank.

About Rs 19,187 crore have been recovered from them till October 31.