Business News
Vijay Mallya, Nirav Modi among 15 fugitives who owe ₹58,000 crore to banks | Check list
.png)
3 min read | Updated on December 02, 2025, 11:29 IST
SUMMARY
The government told Parliament that India has so far declared 15 individuals as fugitive economic offenders (FEOs), including Vijay Mallya, Nirav Modi and members of the Sandesara family, who together account for more than ₹58,000 crore in losses to public sector banks.
The government clarified that it is not considering a policy to prevent economic offenders from leaving the country.
India has declared 15 individuals as fugitive economic offenders (FEOs) so far, including Vijay Mallya, Nirav Modi and members of the Sandesara family, who together account for over ₹58,000 crore in losses to public sector banks, the government informed Parliament on Monday.
In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said nine of these offenders are linked to large-scale frauds against public sector banks.
As of October 31, 2025, banks have recovered about ₹19,187 crore against total losses of ₹26,645 crore.
The annexure laid in Parliament shows that the biggest losses came from economic offenders connected to Kingfisher Airlines, Firestar Group, and the Sterling Group, which together account for the bulk of bank exposure.
Among the 15 declared fugitives, the government said only two have negotiated settlements with banks under the One Time Settlement (OTS) mechanism, with details reflected in board-approved settlements in specific cases.
Chaudhary also clarified that the government is not formulating any policy to ban or place economic offenders on a watchlist before they leave the country.
The Fugitive Economic Offenders Act, enacted in 2018, allows authorities to confiscate the properties of offenders who flee the country to evade prosecution.
Top fugitives and bank losses
— Vijay Mallya (Kingfisher Airlines): SBI alone has reported a loss of ₹6,848.28 crore, with multiple other banks also exposed. Total losses across banks run into thousands of crores.
— Nirav Modi (Firestar International, Firestar Diamond, others): Across various banks, losses sum to well over ₹7,500 crore, including large non-borrowal fraud amounts listed by Punjab National Bank.
— Nitin Sandesara, Chetan Sandesara, Dipti Sandesara (Sterling Biotech, Sterling SEZ, Sterling Global Oil, etc.): Combined losses reported by several banks exceed ₹10,000 crore. Multiple entities linked to the group appear in the annexure.
| FEO Name | Associated Entity / Case | Estimated Total Bank Loss (₹ crore) |
|---|---|---|
| Vijay Mallya | Kingfisher Airlines | ~10,600+ |
| Nirav Modi | Firestar Group, PNB Fraud | ~8,000+ |
| Nitin Jayantilal Sandesara | Sterling Group (Biotech, SEZ, Global Oil, etc.) | ~4,000+ (shared across entities) |
| Chetan Jayantilal Sandesara | Sterling Group | ~4,000+ (joint liabilities) |
| Dipti Chetan Sandesara | Sterling Group | Part of group liabilities |
| Sudharsan Venkataraman | Zylog Systems Ltd | ~550+ |
| Ramanujam Sesharathinam | Zylog Systems Ltd | ~550+ |
| Pushpesh Kumar Baid | Multiple bank fraud cases | ~100+ |
| Hitesh Kumar Narendrabhai Patel | Linked to Sterling Group case | ~76 |
By signing up you agree to Upstox’s Terms & Conditions
About The Author
Next Story
