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Informist, Tuesday, Mar. 18, 2025

MUMBAI – The government has confiscated assets worth INR 151.84 billion under the Prevention of Money Laundering Act, 2002, from 11 wilful defaulters out of the 13 declared fugitive economic offenders, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha on Tuesday. The confiscated amount has been transferred back to state-owned banks.

The wilful defaulters had defaulted on loans amounting to INR 3.54 trillion. The government has refurbished assets amounting to INR 25.66 billion of the victim banks, before confiscation of the assets by the order of the Special Court, Chaudhary said. Assets amounting to INR 7.50 billion have also been confiscated under Fugitive Economic Offenders Act, 2018.

Responding to a query about the status of legal proceedings against economic fugitives, Chaudhary said that 16 prosecution complaints, including eight supplementary complaints under the Prevention of Money Laundering Act, have been filed before Special Courts. "Further, extradition process has been initiated against eight persons. Extradition has already been approved in respect of two persons," the minister said in reply.  End

Reported by Vidhushi RajPurohit

Edited by Ashish Shirke

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