Pankaj Chaudhary. File
| Photograph Credit score: The Hindu
The Directorate of Enforcement (ED) has declared 9 defaulters as Fugitive Financial Offenders, Minister of State for Finance Pankaj Chaudhary knowledgeable Parliament on July 30.
“The Fugitive Financial Offenders Act, 2018 (FEOA) has been enacted for the attachment and confiscation of property of a fugitive financial offender,” he mentioned in a written reply to the Rajya Sabha.
Additional, he mentioned, “Within the case of accused who fled overseas, the ED has declared 9 of them as Fugitive Financial Offenders (FEO) underneath the provisions of FEOA.”
“Additionally, 25 extradition requests have additionally been despatched, in respect of 16 accused who fled overseas. Along with this, property amounting to ₹725.90 crore have been confiscated underneath the provisions of FEOA,” he added.
With regard to unhealthy loans, he mentioned, “Scheduled Business Banks (SCBs) have made an mixture restoration of ₹6,82,328 crore in NPA accounts, together with written-off loans, over the past 5 monetary years.”
The gross NPA ratio of SCBs has declined to 2.75% as of March 31, 2024 (as per RBI provisional information) from a peak of 11.18% as of March 31, 2018.
Replying to a different query, Mr. Chaudhary mentioned debt write-offs by public sector banks have declined to ₹1.14 lakh crore in 2023-24 in comparison with ₹1.18 lakh crore within the earlier yr.
“The variety of frauds (₹1 lakh and above), quantity concerned, and quantity recovered, as reported by the banks underneath the class ‘Credit score Playing cards, ATM / Debit Playing cards and Web Banking’ has elevated almost 5 instances to 29,082 involving quantity of Rs 1,457 crore,” Mr. Chaudhary mentioned in one other reply.
As in opposition to this, he mentioned, the variety of such incidences was 6,699 involving quantity of ₹277 crore.
