Nirav Modi to Vijay Mallya, India’s Top 10 Defaulters Owe Rs 46,825 Cr to Banks

New Delhi: As of March 31, 2023, India’s top ten willful defaulters together owe Rs 40,825 crore to banks.

According to the Ministry of Finance, four of these ten fugitive economic offenders have been brought back to India.

The top 50 willful defaulters owed banks as much as Rs 87,295 crore.

The names of these bigshot defaulters include Vijay Mallya, Nirav Modi, Nitin Jayantilal Sandesara, Chetan Jayantilal Sandesara, Dipti Chetan Jayantilal Sandesara, Hitesh Kumar Narendrabhai Patel, Junaid Iqbal Memon, Hajra Iqbal Memon, Asif Iqbal Memon and Ramachandran Vishwanathan.

Mehul Choksi, uncle of fugitive Nirav Modi, accounts for more than 10 per cent of the outstanding dues.

Fugitive Mehul Choksi’s Gitanjali Gems is a defaulter of Rs 8,738 crore.

The Finance Ministry also said that total assets amounting to Rs 15,113.02 crore have been confiscated under the Prevention of Money Laundering Act and restituted to public sector banks.

Furthermore, assets amounting to Rs 873.75 crore have also been confiscated under Fugitive Economic Offenders Act, 2018 (FEOA) in respect of the said FEOs.