Vijay Mallya, Nirav Modi among 15 fugitives who owe Rs 58,000 crore to banks: Govt to Parliament

Vijay Mallya nirav modi

The government told Parliament on Monday that fugitive economic offenders together owe Indian banks nearly Rs 58,000 crore, including principal and accumulated interest. The data showed that banks have so far recovered Rs 19,187 crore through asset seizures and liquidation processes.

A total of 53 fugitive economic offence cases have been identified. The list features some of the most prominent names linked to large bank defaults, including Vijay Mallya, Nirav Modi, and the Sandesara family.

According to the details shared, Vijay Mallya owes Rs 22,065 crore to several lenders. Banks have recovered over Rs 14,000 crore through asset sales and liquidations. Nirav Modi’s dues stand at Rs 9,656 crore, from which Rs 545 crore has been recovered so far.

The Centre said the list covers 15 major fugitive offenders, two of whom have reached settlements with banks. Officials added that action under the Fugitive Economic Offenders Act and the Prevention of Money Laundering Act continues, with efforts focused on tracing assets, pursuing extraditions, and increasing recoveries.

The Sandesara brothers, Nitin Sandesara and Chetan Sandesara of Sterling Global Resources and Sterling SEZ and Infrastructure, have settled their outstanding loans with Indian Overseas Bank and Punjab National Bank. The combined settlement amount is Rs 496 crore, the government said.

*with ANI inputs