Centre Says Fugitive Offenders Including Mallya, Nirav Modi Owe Banks ₹58,000 Crore

The government on Monday presented fresh data in Parliament on the massive dues owed to Indian banks by fugitive economic offenders, revealing that outstanding loans — including principal and interest — now stand at ₹58,000 crore.

According to the figures submitted, banks have so far recovered ₹19,187 crore through asset seizures, liquidations and related proceedings. The list covers 53 cases of fugitive economic offences, featuring several high-profile names accused of defrauding the banking system, including Vijay Mallya, Nirav Modi, and members of the Sandesara family.

As per the data, Vijay Mallya owes ₹22,065 crore to various lenders. Banks have already recovered over ₹14,000 crore from him through confiscated assets and liquidation of attached properties.
Nirav Modi’s outstanding dues total ₹9,656 crore, of which ₹545 crore has been recovered so far.

The government said the detailed list includes 15 major fugitive offenders, two of whom have negotiated settlements with lenders. Efforts continue under the Fugitive Economic Offenders Act (FEOA) and the Prevention of Money Laundering Act (PMLA) to confiscate assets, pursue extraditions, and maximise recoveries.

Highlighting one such case, the Centre informed Parliament that Nitin Sandesara and Chetan Sandesara — associated with Sterling Global Resources Pvt Ltd and Sterling SEZ & Infrastructure Ltd — have settled their dues with Indian Overseas Bank and Punjab National Bank, amounting to ₹496 crore in total.

Officials said the figures reflect the scale of India’s continuing effort to act against economic fugitives who fled the country after defaulting on large loans.