54 bank fraud accused fled India, ED seizes assets worth over Rs 35,000 crore
The Enforcement Directorate is investigating 54 individuals who fled India following bank fraud cases, with assets worth over Rs 35,000 crore currently under attachment. The government is also addressing the issue of unclaimed bank deposits and monitoring insurance grievances through the Bima Bharosa portal.
Why it matters
This highlights ongoing government efforts to recover public funds and improve financial accountability in the banking and insurance sectors.
The Enforcement Directorate (ED) is investigating 32 bank fraud cases involving 54 accused who have left the country, minister of state for finance Pankaj Chaudhary told the Rajya Sabha on Tuesday. The cases are being probed under the Prevention of Money-laundering Act (PMLA), 2002.Sharing details in a written reply, Chaudhary said that the agency has taken multiple steps to trace and act against the absconding accused. These include issuing Red Corner and Blue Corner notices, starting proceedings under the Fugitive Economic Offenders Act (FEOA), 2018, and seeking extradition from foreign countries.The minister said FEOA proceedings have been launched against 27 of the accused. So far, courts have 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.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in