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Events / Political / India Declares 15 Fugitive Economic Offenders
Domestic financial fraud

India Declares 15 Fugitive Economic Offenders

Analysis based on 6 articles · First reported Dec 01, 2025 · Last updated Dec 02, 2025

Sentiment
-20
Attention
4
Articles
6
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The declaration of 15 individuals as Fugitive Economic Offenders, including high-profile names like Vijay Mallya and Nirav Modi, highlights significant financial fraud against public sector banks in India. While ₹19,187 crore has been recovered, the total principal loss of ₹26,645 crore plus ₹31,437 crore in interest indicates a substantial negative impact on the balance sheets and creditworthiness of affected banks like Punjab National Bank, Indian Overseas Bank, India, and State Bank of India. The ongoing efforts to recover funds and the existence of the Fugitive Economic Offenders Act, 2018 may instill some confidence in the regulatory framework, but the scale of the fraud still poses a concern for investors in the Indian banking sector.

Banking Financial services
Event Summary

Union Minister of State for Finance Pankaj Chaudhary informed the India — Lok Sabha that 15 individuals have been declared Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018 as of October 31, 2025. These FEOs, including prominent figures like Vijay Mallya and Nirav Modi, collectively caused a principal financial loss of ₹26,645 crore to public sector banks, with an additional ₹31,437 crore in accrued interest. Nine of these offenders are specifically linked to large-scale financial fraud against public sector banks. Vijay Mallya is accused of a ₹9,000 crore fraud related to Kingfisher Airlines, while Nirav Modi is implicated in a ₹13,000 crore scam against Punjab National Bank. Nitin J. Sandesara, Chetan J. Sandesara, and Dipti C. Sandesara are involved in the Sterling Biotech fraud case, with the Sandesara brothers having settled some dues with Indian Overseas Bank, Punjab National Bank, India, and State Bank of India. As of October 31, 2025, ₹19,187 crore has been recovered from these offenders. The government is not currently drafting a new policy to prevent such offenders from leaving India in the future.

Entities Involved
per
Nirav Modi
Nirav Modi is another high-profile individual declared a Fugitive Economic Offender, accused of a ₹13,000-crore scam against Punjab National Bank.
Importance 95.0 Sentiment -90.0
stock
Punjab National Bank
Punjab National Bank was a victim of a ₹13,000-crore scam involving Nirav Modi and Mehul Choksi, and also had dues settled by Nitin J. Sandesara and Chetan J. Sandesara.
Importance 85.0 Sentiment -50.0
oth
Fugitive Economic Offenders Act, 2018
The Fugitive Economic Offenders Act, 2018 is the legal framework under which individuals are declared Fugitive Economic Offenders, enabling authorities to confiscate assets.
Importance 80.0 Sentiment 0.0
per
Nitin J. Sandesara
Nitin J. Sandesara is a declared Fugitive Economic Offender involved in the Sterling Biotech fraud case, who has settled certain dues with Indian Overseas Bank, Punjab National Bank, India, and State Bank of India.
Importance 80.0 Sentiment -70.0
per
Chetan J. Sandesara
Chetan J. Sandesara is a declared Fugitive Economic Offender involved in the Sterling Biotech fraud case, who has settled certain dues with Indian Overseas Bank, Punjab National Bank, India, and State Bank of India.
Importance 80.0 Sentiment -70.0
priv
Sterling Biotech
Sterling Biotech is the company associated with the fraud case involving Nitin J. Sandesara, Chetan J. Sandesara, and Dipti C. Sandesara.
Importance 75.0 Sentiment -80.0
per
Dipti C. Sandesara
Dipti C. Sandesara is a declared Fugitive Economic Offender involved in the Sterling Biotech fraud case.
Importance 70.0 Sentiment -70.0
per
Sudharshan Venkatraman
Sudharshan Venkatraman is a declared Fugitive Economic Offender, formerly associated with Zylog Systems.
Importance 60.0 Sentiment -60.0
per
Ramanujam Sesharathnam
Ramanujam Sesharathnam is a declared Fugitive Economic Offender, formerly associated with Zylog Systems.
Importance 60.0 Sentiment -60.0
per
Pushpesh Kumar Baid
Pushpesh Kumar Baid is one of the 15 individuals declared a Fugitive Economic Offender.
Importance 60.0 Sentiment -60.0
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Hitesh Kumar Narendrabhai Patel
Hitesh Kumar Narendrabhai Patel is one of the 15 individuals declared a Fugitive Economic Offender.
Importance 60.0 Sentiment -60.0
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Zylog Systems
Zylog Systems is the company formerly promoted by Sudharshan Venkatraman and Ramanujam Sesharathnam, who are now declared Fugitive Economic Offenders.
Importance 60.0 Sentiment -80.0
per
Murari Lal Meena
Murari Lal Meena, a Congress MP, raised the unstarred question in India — Lok Sabha that prompted the disclosure of information regarding Fugitive Economic Offenders.
Importance 40.0 Sentiment 0.0
per
Vijay Mallya
Importance 0.0 Sentiment 0.0
priv
Kingfisher Airlines
Importance 0.0 Sentiment 0.0
+ 5 more entities View on Dashboard
Relationships
Nirav Modi related ↔ Punjab National Bank
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