Govt: Vijay Mallya, Nirav Modi Among Fugitives Who Defaulted on ₹58,000 Crore

The government on Monday disclosed in Parliament that fugitive economic offenders collectively owe Indian banks ₹58,000 crore, a figure.

That includes both principal and accumulated interest. The Centre said that banks have managed to recover ₹19,187 crore so far through asset seizures and liquidation proceedings. A total of 53 fugitive economic offence cases have been identified, featuring several high-profile defaulters such as Vijay Mallya, Nirav Modi, and the Sandesara brothers.

According to the data, Vijay Mallya’s total dues stand at ₹22,065 crore, with more than ₹14,000 crore recovered through attached assets. Nirav Modi owes ₹9,656 crore, of which banks have recovered ₹545 crore.

The government said the list includes 15 major fugitive offenders, two of whom have reached settlements with lenders. Authorities continue recovery efforts under the Fugitive Economic Offenders Act (FEOA) and the Prevention of Money Laundering Act (PMLA), which enable asset attachment and extradition proceedings.

Among those who have settled, Nitin and Chetan Sandesara of Sterling Global Resources Pvt Ltd and Sterling SEZ & Infrastructure Ltd have repaid dues worth ₹496 crore to Indian Overseas Bank and Punjab National Bank. Officials said the data highlights the scale of financial wrongdoing by fugitives who fled the country after defaulting on massive bank loans.