Vijay Mallya and Nirav Modi among 15 declared fugitives, who caused $3 billion loss to India: Govt

The government on Monday (Dec 01) said 15 economic fugitive offenders, including Vijay Mallya and Nirav Modi, caused nearly $3 billion (Rs 26,645 crore) loss to the Indian exchequer. These individuals have been declared Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018 (FEOA) as of October 31, 2025, Union Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha.

The Minister stated that these 15 FEOs collectively caused a principal financial loss of Rs 26,645 crore to banks up to October 31, 2025. In addition, the interest accrued on these loans from the date of becoming NPAs up to October 31, 2025, amounts to another ($3.8 billion) Rs 31,437 crore.

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"Of the 15 offenders, nine are involved in large-scale financial fraud committed against public sector banks. The list includes several high-profile names, such as Vijay Mallya and Nirav Modi, among others, "Chaudhary said.

The Minister was replying to an unstarred question raised by Lok Sabha member and Congress MP from Rajasthan's Dausa Murari Lal Meena during the Winter Session of Parliament.

Rs 19,187 crore ($2.3 billion) has been recovered from these offenders till October 31, 2025, the house was informed.

The Minister also disclosed the names of declared fugitives as Vijay Mallya, Nirav Modi, Nitin J Sandesara, Chetan J Sandesara, Dipti C Sandesara, Sudharshan Venkatraman, Ramanujam Sesharathnam, Pushpesh Kumar Baid, and Hitesh Kumar Narendrabhai Patel.

Replying to a query about whether the government is formulating a policy to prevent such offenders from leaving the country through legal bans or watchlists, Choudhary said no such policy is under consideration currently.

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Earlier in the day, Prime Minister Narendra Modi urged parties attending the sixth session (winter session) of the 18th Lok Sabha and the 269th Rajya Sabha to avoid turning Parliament into a “battleground for frustration came out after defeat” or an “arena for arrogance born out of victory.” He stated that the House must stay centred on national development and democratic duties.