India's Enforcement Directorate targets fleeing bank fraud suspects, seizes assets worth over Rs 35,000 crore

In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary disclosed that the Enforcement Directorate is probing 32 bank fraud cases involving 54 individuals who have fled India. The ED has employed Red Corner and Blue Corner notices, launched proceedings under the Fugitive Economic Offenders Act for 27 of the suspects, and is pursuing extradition for 18. Nine of the fugitives have been formally declared as economic offenders, resulting in the confiscation of assets valued at Rs 840.68 crore.

Under the Prevention of Money-laundering Act, the agency has attached assets worth Rs 35,166.28 crore, with Rs 15,184.19 crore already seized. Additionally, the government and RBI are working to return unclaimed public-sector bank deposits, now standing at Rs 62,683.19 crore, to rightful owners and to curb further transfers to the Depositor Education and Awareness Fund.