Lok Sabha Question No. 181 (UNSTARRED), answered on 2025-12-01
Subject: Fugitive Economic Offenders
Ministry: FINANCE
Asked by: Shri Murari Lal Meena

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

## LOK SABHA UN-STARRED QUESTION NO. 181

TO BE ANSWERED ON MONDAY, DECEMBER 01, 2025/ AGRAHAYANA 10, 1947 (SAKA)

## FUGITIVE ECONOMIC OFFENDERS

## 181 SHRI MURARI LAL MEENA:

Will the Minister of Finance be pleased to state:

- (a) the number of persons declared as fugitive economic offenders till date under the Fugitive Economic  Offenders  Act,  2018,  especially  in  cases  related  to  large-scale  financial  frauds committed against public sector banks;
- (b)  the  details  of  total  financial  loss  (in  rupees)  caused  to  public  sector  banks  by  these declared fugitive economic offenders, name-wise and bank-wise;
- (c)  the  number  of  fugitive  economic  offenders  who  have  negotiated  loan  settlement  under One Time Settlements (OTS) so far;
- (d) the name and number of persons involved in the settlement along with the names of banks concerned, the amount settled, and the discount offered;
- (e) whether the Government is formulating any policy to ensure that in future such economic offenders are legally banned or put on watch list before leaving the country; and

(f)  if so, the details thereof?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (SHRI PANKAJ CHAUDHARY)

- (a) As on 31.10.2025, 15 persons have been declared as Fugitive Economic Offenders (FEOs) by the Hon'ble Special Court, FEOA under the provisions of Fugitive Economic Offenders Act,  2018  (FEOA),  out  of  which,  09  persons  are  related  to  large-scale  financial  frauds committed against public sector banks.
- (b) The details are as per Annexure.
- (c) Two (02) fugitive economic offenders have negotiated loan settlement under One Time Settlement (OTS).
- (d) Details are provided in Annexure .

(e) & (f) No.

*****

## Annexure

| Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025                     | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025     | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   | Details of Fugitive Economic Offender (FEO) as on 31.10.2025   |
|----------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|
|                                                                |                                                                |                                                                                  |                                                                |                                                                |                                                                |                                                                  |                                                                | Amounts in crore Rs.                                           | Amounts in crore Rs.                                           |
| A                                                              | B                                                              | C                                                                                | D                                                              | D                                                              | E                                                              | F                                                                | G                                                              | H                                                              | I                                                              |
| S. N.                                                          | Bank Name                                                      | Name of Declared Fugitive Economic Offender                                      | Total financial loss incurred by the Bank                      | Total financial loss incurred by the Bank                      | Total amount recovered till 31.10.2025                         | Negotiated loan settlement under OTS with the bank, if any (Y/N) | If settled (out of F)                                          | If settled (out of F)                                          | If settled (out of F)                                          |
| S. N.                                                          | Bank Name                                                      | Name of Declared Fugitive Economic Offender                                      | Principal amount as on date of NPA                             | Interest accrued from the date of NPA till 31.10.2025          | Total amount recovered till 31.10.2025                         | Negotiated loan settlement under OTS with the bank, if any (Y/N) | Name& number of person involved in settlement                  | Amount Settled                                                 | Discount offered                                               |
| 1                                                              | Bank of Baroda                                                 | a) SUDHARSHAN VENKATARAMAN b) RAMANUJAM SESHARATHINAM (M/S. ZYLOG SYSTEMS LTD)   | 97.49                                                          | 228.22                                                         | 4.45                                                           | N                                                                | NA                                                             | NA                                                             | NA                                                             |
| 2                                                              | Bank of Baroda                                                 | VIJAY MALLAYA (KINGFISHER AIRLINE)                                               | 494.33                                                         | 1,341.87                                                       | 995.55                                                         | N                                                                | NA                                                             | NA                                                             | NA                                                             |
| 3                                                              | Bank of Baroda                                                 | NIRAV MODI (FIRESTAR GROUP)                                                      | 301.98                                                         | 206.40                                                         | 99.24                                                          | N                                                                | NA                                                             | NA                                                             | NA                                                             |
| 4                                                              | Bank of Baroda                                                 | a) NITIN J SANDESARA b) CHETAN J SANDESARA c) DIPTI C SANDESARA (STERLING GROUP) | 191.18                                                         | 188.53                                                         | 67.95                                                          | N                                                                | NA                                                             | NA                                                             | NA                                                             |
| 5                                                              | Bank of India                                                  | NIRAV MODI                                                                       | 179.48                                                         | 142.40                                                         | 50.05                                                          | N                                                                | NA                                                             | NA                                                             | NA                                                             |

|   6 |                       | NITIN SANDESRA / CHETAN SANDESRA &DIPTI SANDESRA     | 1,392.78   | 1,670.91   | 424.35   | N   | NA   | NA   | NA   |
|-----|-----------------------|------------------------------------------------------|------------|------------|----------|-----|------|------|------|
|   7 |                       | VIJAY MALLYA                                         | 565.45     | 1,556.81   | 974.38   | N   | NA   | NA   | NA   |
|   8 |                       | PUSHPESH KUMAR BAID                                  | 20.41      | 60.87      | 2.06     | N   | NA   | NA   | NA   |
|   9 | Bank of Maharashtra   | Nirav Modi                                           | 137.19     | 213.45     | 67.36    | N   | NA   | NA   | NA   |
|  10 | Bank of Maharashtra   | Nitin Sandesara and Chetan Sandesara                 | 19.42      | 57.30      | 12.69    | N   | NA   | NA   | NA   |
|  11 | Canara Bank           | Mr Nirav Modi (Firestar International Pvt Ltd)       | 84.35      | 245.11     | 5.61     | N   | N    | N    | N    |
|  12 | Canara Bank           | **Nitin Jayantilal Sandesara (Sterling Biotech Ltd)  | 190.85     | 699.37     | 41.53    | N   | N    | N    | N    |
|  13 | Canara Bank           | **Chetan Jayantilal Sandesara (Sterling Biotech Ltd) |            |            |          |     |      |      |      |
|  14 | Canara Bank           | Ramanujam Sesharathnam (Zylog Systems Ltd)           | 149.51     | 1,066.01   | -        | N   | N    | N    | N    |
|  15 |                       | Sudarsan Venkatraman (Zylog Systems Ltd)             |            |            |          |     |      |      |      |
|  16 | Central Bank of India | Mr. Nirav Modi (Director-Firestar International Ltd) | 127.30     | 69.98      | 23.02    | N   | NA   | NA   | NA   |
|  17 | Central Bank of India | Mr. Vijay Malya (Director-Kingsfisher Airlines Ltd)  | 313.44     | -          | 60.80    | N   | NA   | NA   | NA   |
|  18 | Indian Bank           | Nirav Modi                                           | 71.02      | 23.59      | 71.02    | -   | NA   |      |      |

|   19 |                                        | Nitin Jayantilal Sandesara &Chetan Jayantilal Sandesara                                   | 958.02   | 1,909.08   | 382.20   | Y   | Approved by Board   | 244.00   | 298.67   |
|------|----------------------------------------|-------------------------------------------------------------------------------------------|----------|------------|----------|-----|---------------------|----------|----------|
|   20 |                                        | Pushpesh Kumar Baid                                                                       | 23.54    | 76.89      | -        | N   | NA                  | NA       | NA       |
|   21 |                                        | Nitin Sandesara and Chetan Sandesara (Sterling Biotech Ltd)                               | 344.35   | 420.52     | 168.16   | N   | NA                  | NA       | NA       |
|   22 |                                        | Nitin Sandesara and Chetan Sandesara (Sterling Biotech Ltd)- Overseas Account at Hongkong | 93.16    | 81.06      | 25.78    | N   | NA                  | NA       | NA       |
|   23 | Indian Overseas Bank                   | Nitin Sandesara and Chetan Sandesara (Sterling Global Resources Pvt Ltd)                  | 291.94   | 438.47     | 131.47   | Y   | NA                  | 131.47   |          |
|   24 |                                        | Nirav Modi (Firestar International Ltd)                                                   | 34.51    | 86.69      | 11.02    | N   | NA                  | NA       | NA       |
|   25 |                                        | Vijay Mallaya (M/s. Kingfisher Airlines Ltd)                                              | 141.92   | 286.58     | 245.32   | N   | NA                  | NA       | NA       |
|   26 |                                        | Sh. Vijay Mallya (Kingfisher Airlines)                                                    | 51.64    | 140.74     | 88.27    | N   | NA                  | NA       | NA       |
|   27 | Punjab and Sind Bank(Under Consortium) | Sh. Nitin Sandesra (Sterling SEZ& Infrastructure Ltd.)                                    | 34.95    | 266.54     | 4.11     | N   | NA                  | NA       | NA       |
|   28 |                                        | Chetan Sandesra (Sterling SEZ& Infrastructure Ltd.)                                       |          |            |          |     |                     |          |          |
|   29 | Punjab National Bank                   | NIRAV MODI- FIRESTAR INTERNATIONAL LIMITED                                                | 237.35   | 233.06     | 48.36    | NA  | NA                  | NA       | NA       |

|   30 |          | NIRAV MODI- FIRESTAR DIAMOND INTERNATIONAL LIMITED                                                               | 60.88    | 91.67    |   115.46 | NA                        | NA                                     | NA     | NA     |
|------|----------|------------------------------------------------------------------------------------------------------------------|----------|----------|----------|---------------------------|----------------------------------------|--------|--------|
|   31 |          | NIRAV MODI-NON BORROWAL FRAUD                                                                                    | 6,799.18 | -        |    93.21 | NA                        | NA                                     | NA     | NA     |
|   32 |          | VIJAY MALYA- KINGFISHER AIRLINES LIMITED                                                                         | 899.56   | 324.52   |   946.17 | NA                        | NA                                     | NA     | NA     |
|   33 |          | STERLING SEZ AND INFRASTRUCTURE LIMITED Director- 1.Mr.Nitin Jayantilal Sandesara 2. CHETAN JAYANTILAL SANDESARA | 762.45   | 1,204.17 |   369.22 | Y                         | SGORPL (Mauritius) Corporate Guarantor | 365.00 | 389.57 |
|   34 |          | Nitin Sandesara, Chetan Kumar Sandesara- STERLING BIOTECH LIMITED                                                | 211.57   | 104.33   |    46.99 | NA- Liquidated under NCLT | NA                                     | NA     | NA     |
|   35 |          | STERLING SEZ AND INFRASTRUCTURE LIMITED Director- 1.Mr.Nitin Jayantilal Sandesara 2. CHETAN JAYANTILAL SANDESARA | 215.35   | 150.14   |    37.32 | N                         | NA                                     | NA     | NA     |
|   36 | UCO Bank | STERLING BIOTECH LIMITED Director-1. NITIN JAYANTILAL SANDESARA 2. CHETAN JAYANTILAL SANDESARA                   | 434.05   | 523.83   |   318.96 | N                         | NA                                     | NA     | NA     |
|   37 |          | Firestar International Limited - Mr. Nirav Modi                                                                  | 35.50    | 37.07    |     3.75 | N                         | NA                                     | NA     | NA     |

|   38 |                     | Firestar Diamond International Limited - Mr. Nirav Modi                  | 3.38     | 10.21     | 3.39      | N   | NA             | NA     | NA       |
|------|---------------------|--------------------------------------------------------------------------|----------|-----------|-----------|-----|----------------|--------|----------|
|   39 |                     | Mr VIJAY MALYA(Director of M/S KINGFISHER AIRLINES LTD)                  | 229.30   | 707.60    | 518.59    | N   | NA             | NA     | NA       |
|   40 | Union Bank of India | Vijaya Mallya                                                            | 262.47   | 848.55    | 451.31    | NA  | NA             | NA     | NA       |
|   41 | Union Bank of India | Nirav Modi                                                               | 60.63    | 11.35     | 57.61     | NA  | NA             | NA     | NA       |
|   42 | Union Bank of India |                                                                          | 124.70   | 36.07     | 22.53     | NA  | NA             | NA     | NA       |
|   43 | Union Bank of India | Nitin Jayantilal Sandesara                                               | 178.77   | -         | 76.02     | NA  | NA             | NA     | NA       |
|   44 | Union Bank of India | Chetan Jayantilal Sandesara                                              | 90.81    | 123.23    | 12.88     | NA  | NA             | NA     | NA       |
|   45 | Union Bank of India | Dipti Chetan Jayantilal Sandesara Hitesh Kumar                           | 870.00   | 952.80    | 430.00    | Y   | Nitin Sandesra | 430.00 | 1,393.48 |
|   46 | Union Bank of India | Narendrabhai Patel                                                       | 143.54   | 221.19    | 8.84      | NA  | NA             | NA     | NA       |
|   47 | Union Bank of India | Ramanujam Sesharathnam                                                   | 308.21   | 296.49    | -         | NA  | NA             | NA     | NA       |
|   48 | Union Bank of India | Sudarsan Venkatraman                                                     | 106.39   | 316.26    | 257.57    | NA  | NA             | NA     | NA       |
|   49 | State Bank of India | Vijay Mallya (Kingfisher Airlines Ltd.)                                  | 6,848.28 | 11,960.05 | 10,814.54 | No  | N.A.           | N.A.   | N.A.     |
|   50 | State Bank of India | Chetan Sandesara Nitin Sandesara (Sterling Global Oil Resources Pvt Ltd) | 982.50   | 1,160.29  | 477.16    | Y   | N.A.           | 460.00 | 1,460.07 |
|   51 | State Bank of India | Chetan Sandesara Nitin Sandesara (Sterling Biotech Ltd)                  | 274.23   | 320.62    | 101.49    | N   | NA             | NA     | NA       |

| 52    | Chetan Sandesara Nitin Sandesara (Sterling SEZ& Infrastructure Ltd)   | 180.03      | 275.42   | 13.28   | N   | NA   | NA    | NA    |
|-------|-----------------------------------------------------------------------|-------------|----------|---------|-----|------|-------|-------|
| 53    | Chetan Sandesara Nitin Sandesara (PMT Machines Ltd)                   | 15.45 51.12 | 5.77     | N       | NA  | NA   |       | NA    |
| Total | Total                                                                 | 26,645      | 31,437   | 19,187  | -   | -    | 1,630 | 3,542 |