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.<h2>Nine declared fugitive economic offenders</h2>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.Also read | <a href="https://www.wionews.com/india-news/rbi-holds-repo-rate-at-5-25-retains-neutral-stance-amid-inflation-risks-1785905306227">RBI holds repo rate at 5.25%, retains neutral stance amid inflation risks</a><h2>Unclaimed deposits cross Rs 62,683 crore</h2>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.<h2>Insurance complaints tracked on Bima Bharosa</h2>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.Also read | <a href="https://www.wionews.com/india-news/should-not-be-bullied-cjp-says-movement-will-expand-beyond-protests-rules-out-becoming-political-party-for-now-1785891897835">'Should not be bullied': CJP says movement will expand beyond protests. Politics, or something bigger?</a><h2>Forex reserves remain comfortable</h2>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.

The Enforcement Directorate is investigating 32 bank fraud cases involving 54 accused who have fled India, with extradition proceedings underway against 18. The government also said assets worth over ₹35,166 crore have been attached under the PMLA.

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. Also read | RBI holds repo rate at 5.25%, retains neutral stance amid inflation risks 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. Also read | 'Should not be bullied': CJP says movement will expand beyond protests. Politics, or something bigger? 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.

The Enforcement Directorate is investigating 32 bank fraud cases involving 54 accused who have fled India, with extradition proceedings underway against 18. The government also said assets worth over ₹35,166 crore have been attached under the PMLA.

Government reveals scale of bank fraud: 54 accused fled India, ED launches global hunt

India has pitched strongly to deal with fugitive economic offenders, and Prime Minister Narendra Modi has flagged the issue at all global forums, the country’s Sherpa to <a href="https://www.wionews.com/world/g20-stops-short-of-denouncing-protectionism-warns-of-global-slowdown-231451">G20</a> Suresh Prabhu said Saturday.

“We strongly put forward the need to deal with <a href="https://www.wionews.com/videos/india-watch-noose-tightens-on-nirav-modi-230987">fugitive economic offenders</a>. It has been a strong agenda, we have been working on tax evasion, corruption, economic offences and fugitive offenders running away (from the country). We have also been very strongly championing this,” Prabhu told a media conference, detailing about the deliberations of the meeting.

He said that Prime Minister Modi has raised these issues at all global forums.

“We strongly feel that we as a global community must act in unison to deal with such issues of people committing economic offences and running away from their national domicile country,” he told reporters to post G20 Sherpa’s meeting.

On the query that why India didn’t join the Osaka declaration on the digital economy, Prabhu said the reasons have been communicated to the <a href="https://www.wionews.com/india-news/modi-meets-japan-pm-in-his-first-bilateral-summit-g20-sidelines-230752">Japanese Prime Minister Shinzo Abe</a>.

But, he also clarified that India strongly believes in the digital economy and has taken a host of measures, including a huge number of bank accounts to thrust its digital agenda.

“India has a very massive programme on digital transactions. We have opened bank accounts of a large number of people. Many transactions are happening through the digital forms,” he said.Watch: G20 Summit day 2 - PM Modi's four bilaterals and four pull-asides

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/g20-summit-day-2-pm-modis-4-bilaterals-4-pull-asides-231362/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Prabhu, who was the Railways minister in the first term of the NDA government, also informed that the country’s railways has almost 8.1 billion passengers per year, and many of them buy tickets through digital platforms.

“So, digital is something which we all believe in, we have a market which is growing including the e-commerce market. Therefore, we believe in that digital economy and also at the same time we have a very close relationship with our dear friend Japan but we have already communicated the reasons to them,” Prabhu said.

Among other issues that India raised during the summit were on climate change, clean energy, environment protection, agriculture, tourism and systemic shift towards providing social security and financial benefits for the ageing population.

Prabhu said India also put emphasis on building a quality infrastructure that is a necessity for growth.

He also said that infusion of technology in all sphere of life will create economic opportunities for all as well as bridge the digital divide, and improve the quality of life.

“For that, quality infrastructure will play a very important role. In economy, finance will be an important issue and therefore issues related to global finance whether it is related to sustainable and modern tax system, whether related to technological innovation which can deliver benefits in financial markets…all these issues were also discussed,” he told reporters.

Prabhu said India’s Prime Minister Modi has been championing that “we need anti-corruption measures at global level. So, fight against corruption should be done at all levels by all the G20 members by combating foreign bribery and ensure each G20 country has a law to enforce it, that people committing economic crimes in one geography will not be able to run away to the other and escape the clutches of law”.

India has pitched strongly to deal with fugitive economic offenders, and Prime Minister Narendra Modi has flagged the issue at all global forums, the country’s Sherpa to G20 Suresh Prabhu said Saturday.

India has pitched strongly to deal with fugitive economic offenders, and Prime Minister Narendra Modi has flagged the issue at all global forums, the country’s Sherpa to G20 Suresh Prabhu said Saturday. “We strongly put forward the need to deal with fugitive economic offenders. It has been a strong agenda, we have been working on tax evasion, corruption, economic offences and fugitive offenders running away (from the country). We have also been very strongly championing this,” Prabhu told a media conference, detailing about the deliberations of the meeting. He said that Prime Minister Modi has raised these issues at all global forums. “We strongly feel that we as a global community must act in unison to deal with such issues of people committing economic offences and running away from their national domicile country,” he told reporters to post G20 Sherpa’s meeting. On the query that why India didn’t join the Osaka declaration on the digital economy, Prabhu said the reasons have been communicated to the Japanese Prime Minister Shinzo Abe. But, he also clarified that India strongly believes in the digital economy and has taken a host of measures, including a huge number of bank accounts to thrust its digital agenda. “India has a very massive programme on digital transactions. We have opened bank accounts of a large number of people. Many transactions are happening through the digital forms,” he said. Watch: G20 Summit day 2 - PM Modi's four bilaterals and four pull-asides Prabhu, who was the Railways minister in the first term of the NDA government, also informed that the country’s railways has almost 8.1 billion passengers per year, and many of them buy tickets through digital platforms. “So, digital is something which we all believe in, we have a market which is growing including the e-commerce market. Therefore, we believe in that digital economy and also at the same time we have a very close relationship with our dear friend Japan but we have already communicated the reasons to them,” Prabhu said. Among other issues that India raised during the summit were on climate change, clean energy, environment protection, agriculture, tourism and systemic shift towards providing social security and financial benefits for the ageing population. Prabhu said India also put emphasis on building a quality infrastructure that is a necessity for growth. He also said that infusion of technology in all sphere of life will create economic opportunities for all as well as bridge the digital divide, and improve the quality of life. “For that, quality infrastructure will play a very important role. In economy, finance will be an important issue and therefore issues related to global finance whether it is related to sustainable and modern tax system, whether related to technological innovation which can deliver benefits in financial markets…all these issues were also discussed,” he told reporters. Prabhu said India’s Prime Minister Modi has been championing that “we need anti-corruption measures at global level. So, fight against corruption should be done at all levels by all the G20 members by combating foreign bribery and ensure each G20 country has a law to enforce it, that people committing economic crimes in one geography will not be able to run away to the other and escape the clutches of law”.

G20 summit: India pitches strongly for fight against fugitive economic offenders

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Government reveals scale of bank fraud: 54 accused fled India, ED launches global hunt

G20 summit: India pitches strongly for fight against fugitive economic offenders