Vijay Mallya of Kingfisher Airlines, Nirav Modi of Firestar International and Nitin Sandesara of Sterling Biotech and Sterling SEZ are among the 15 persons declared as Fugitive Economic Offenders (FEOs) as on October 31 for causing a loss of over Rs 57,000 crore to various banks, the Lok Sabha was informed on Monday.
Minister of State for Finance Pankaj Chaudhary said that the 15 persons, declared FEOs by the Special Court under the provisions of the Fugitive Economic Offenders Act, 2018 (FEOA), caused a financial loss of Rs 26,645 crore to banks, as principal amount till October 31, 2025.
The loss caused by the 15 FEOs in the form of interest accrued from the date of NPA till October 31 stands at Rs 31,437 crore, the MoS said.
Amount recovered so far
Chaudhary said that till October 31, the total amount recovered from the 15 persons stood at Rs 19,187 crore.
Some of the other FEOs listed among the top 15 offenders include: Sudharshan Venkataraman and Ramanujam Sesharathinam of Zylog Systems; Nitin Sandesara and Chetan Sandesara of Sterling Biotech, and Pushpesh Kumar Baid.
The Banks defrauded by these FEOs include State Bank of India, Punjab National Bank, Bank of Baroda, Punjab and Sind Bank (Under Consortium), UCO Bank, Union Bank of India, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank and Indian Overseas Bank.
How many banks were affected by Modi and Mallya
In the case of SBI, Vijay Mallya of Kingfisher Airlines caused a loss, in principal amount, of Rs 6,848 crore and a loss in interest of Rs 11,960 crore. Till October 31, 2025, the bank recovered Rs 10,814 crore from Mallya, according to a statement by the MoS.
In the case of PNB, Nirav Modi-Non Borrowal fraud has been totalled to Rs 6,799 crore. Against this loss to the bank, an amount of Rs 93.21 crore has been recovered, said the statement. Apart from this, Nirav Modi’s Firestar International Limited caused a loss to the bank amounting to over Rs 297 crore (principal amount) and over Rs 324 crore (interest), while the bank recovered over Rs 163 crore from him.
Mallya has also caused a loss of Rs 899.56 crore, in principal amount, to PNB. The interest accrued from the date of NPA till October 31, 2025, is Rs 324.52 crore. The bank has recovered Rs 946.17 crore from him.
Bank of Baroda, too, lost crores of rupees to both Mallya and Nirav Modi. Mallya caused a loss of Rs 494.33 crore (principal amount) and Rs 1,341.87 crore (interest), while the bank recovered Rs 995.55 crore from him.
Nirav Modi, as a representative of Firestar Group, caused a loss to BoB of Rs 301.98 (principal amount) and Rs 206.40 crore (interest), while the bank managed to recover Rs 99.24 crore from him, said the statement shared by the MoS.
