New Delhi, March 30 – The Enforcement Directorate has investigated 1,105 cases of bank fraud under the Prevention of Money Laundering Act (PMLA) and has attached assets worth ₹64,920 crore, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday.
She also said that action had been taken under the Fugitive Economic Offenders Act (FEOA) against those evading Indian law by staying abroad.
This referred to high-profile cases such as the Nirav Modi case, including the Punjab National Bank fraud, and cases involving Vijay Mallya.
She pointed out that actions taken under the law include confiscation of properties, proceeds of crime, and benami properties.
"The ED investigated 1,105 cases of bank fraud under PMLA, attaching assets worth ₹64,920 crore. 150 accused have been arrested, and 277 prosecution complaints were filed, while accused have been declared Fugitive Economic Offenders under the Fugitive Economic Offenders Act (FEOA)," the Finance Minister said.
According to her, assets worth ₹15,186 crore have been confiscated, of which ₹15,183 crore has been returned to public sector banks.
The Finance Minister was responding to a discussion on the Bill to amend the Insolvency and Bankruptcy Code (IBC), as some members had mentioned fugitive economic offenders.
She also mentioned that ₹104 crore had been recovered in the Punjab & Maharashtra Co-operative (PMC) Bank scam, and that assets worth ₹725 crore had been confiscated under the provisions of the FEOA.
In the scam, which was uncovered in 2019, PMC Bank granted over 70 per cent of its total loans to HDIL (Housing Development and Infrastructure Ltd) and its affiliates.
The ₹6,500 crore scam involving the bank's bad loans had been concealed, causing a crisis for thousands of depositors.
Key officials, including the chairman and MD, were arrested, and properties were seized. The RBI then approved a plan to merge PMC Bank with Unity Small Finance Bank, allowing for the gradual return of funds to depositors.