Assets of Rs. 692.89 Crores confiscated under Fugitive Economic Offenders Act 2018

Finance Minister Nirmala Sitharaman during the Question Hour in Rajya Sabha said that Assets of Rs. 692.89 Crores were confiscated under the Fugitive Economic Offenders Act 2018.

She further mentioned that as of 31st March 2023 –

• Legal suits were filed for recovery against 13,978 loan accounts.
• Action under the SARFAESI Act has been initiated in 11,483 cases.
• FIRs have been filed in 5,674 cases.
• An aggregate amount of Rs. 33,801 crores has been recovered.

“Specific legal proceedings are being pursued against defaulters, and as a result, money is being returned to banks” she added.

Following that she informed that as of December 1, 2023, the ED has confiscated assets of Rs. 15,186.64 crores under the PMLA, of which Rs. 15,183.77 crores had been returned to Public Sector Banks.

Focusing on bank issues she mentioned that PMC Bank has recovered Rs. 104.02 crores with active cooperation and support from agencies.

And lastly, she concluded that under the provisions of the Fugitive Economic Offenders Act, 2018, assets worth Rs. 692.89 crores have been confiscated.