India targets eight loan defaulters for extradition

The Indian government has targeted eight individuals for extradition after they were identified as "wilful defaulters." These individuals owe over Rs 35,000 crore in unpaid bank loans. The information was shared by the finance ministry in Parliament. Since the Fugitive Economic Offenders Act was introduced in 2018, the Enforcement Directorate (ED) has taken action against 24 individuals. Out of these, 13 have been formally declared fugitive economic offenders by special courts. The ministry revealed that 11 of these 24 are now recognized as wilful defaulters, with debts totaling Rs 35,431.21 crore. Minister of State for Finance, Pankaj Chaudhary, stated that the ED has seized assets worth Rs 34,149.11 crore from these defaulters. So far, the ED has been able to recover over Rs 17,700 crore, which has been returned to public sector banks. This amount includes Rs 15,184.19 crore from the assets confiscated under the Prevention of Money Laundering Act (PMLA). The ED has filed 16 prosecution complaints related to these cases. Extradition processes for the targeted individuals have already begun, and approval has been granted for two of these cases.