&imwidth=800&imheight=600&format=webp&quality=medium "Government reveals scale of bank fraud: 54 accused fled India, ED launches global hunt")
The Enforcement Directorate is investigating 32 bank fraud cases involving 54 accused who have left the country, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday (Aug 4).
In a written reply, Chaudhary said the cases are being probed under the Prevention of Money Laundering Act, 2002, and that the agency has taken several steps to trace and act against the absconding accused. These include issuing Red Corner and Blue Corner notices, beginning proceedings under the Fugitive Economic Offenders Act, 2018, and seeking extradition from foreign countries.
Nine declared fugitive economic offenders
According to the minister, FEOA proceedings have been initiated against 27 accused. Courts have so far declared nine of them as Fugitive Economic Offenders, leading to the confiscation of assets worth Rs 840.68 crore.
He added that extradition proceedings are underway against 18 accused. Chaudhary also said the ED has attached assets worth Rs 35,166.28 crore under PMLA, of which assets valued at Rs 15,184.19 crore have already been confiscated.
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Unclaimed deposits cross Rs 62,683 crore
In another reply, the minister said unclaimed deposits of public sector bank customers, which were transferred to the RBI-managed Depositor Education and Awareness Fund, stood at Rs 62,683.19 crore as of June 30, 2026.
He said the government and the Reserve Bank of India have introduced several measures to help legitimate account holders recover these deposits more easily and to prevent a further build-up in unclaimed balances.
Insurance complaints tracked on Bima Bharosa
Chaudhary also gave details on complaints in the insurance sector, saying the Insurance Regulatory and Development Authority of India (IRDAI) monitors grievances related to mis-selling, unfair business practices and claim disputes, including disagreements over policy terms and exclusions.
These complaints are tracked through the Bima Bharosa portal, where policyholders can file and monitor their grievances.
According to the data available on the portal, 28,789 complaints related to unfair business practices, including mis-selling, were reported during 2025-26.
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Forex reserves remain comfortable
On foreign exchange reserves, the minister said changes in the reserves are influenced by several factors, including the Reserve Bank of India's buying and selling of foreign currency, income from reserve investments, external aid received by the central government and valuation changes in reserve assets.
He added that the rupee is determined by market forces and is not managed within a fixed target or band, though the RBI keeps a close watch on the foreign exchange market and steps in when there is excessive volatility. Chaudhary also said the RBI sold $97.13 billion between February and May 2026.
He said India's foreign exchange reserves remain comfortable by standard reserve adequacy measures. As of July 10, 2026, they were sufficient to cover 10.3 months of goods imports. At the end of March 2026, the country's short-term debt, on an original maturity basis, stood at 21.6 per cent of the foreign exchange reserves.
