ED declares 9 defaulters as fugitive economic offenders: Minister of State for Finance

ED declares 9 defaulters as Fugitive Economic Offenders, recovers ₹725.90 crore; SCBs recover ₹6,82,328 crore in bad loans.

The Directorate of Enforcement (ED) has declared nine defaulters as Fugitive Economic Offenders, Minister of State for Finance Pankaj Chaudhary informed Parliament on July 30.

“The Fugitive Economic Offenders Act, 2018 (FEOA) has been enacted for the attachment and confiscation of property of a fugitive economic offender,” he said in a written reply to the Rajya Sabha.

Further, he said, “In the case of accused who fled abroad, the ED has declared nine of them as Fugitive Economic Offenders (FEO) under the provisions of FEOA.”

"Also, 25 extradition requests have also been sent, in respect of 16 accused who fled abroad. In addition to this, assets amounting to ₹725.90 crore have been confiscated under the provisions of FEOA," he added.

With regard to bad loans, he said, “Scheduled Commercial Banks (SCBs) have made an aggregate recovery of ₹6,82,328 crore in NPA accounts, including written-off loans, during the last five financial years.”

The gross NPA ratio of SCBs has declined to 2.75% as of March 31, 2024 (as per RBI provisional data) from a peak of 11.18% as of March 31, 2018.

Replying to another question, Mr. Chaudhary said debt write-offs by public sector banks have declined to ₹1.14 lakh crore in 2023-24 compared to ₹1.18 lakh crore in the previous year.