Enforcement Directorate Freezes Assets Worth Rs 64,920 Crore Linked to Major Bank Frauds: FM Nirmala Sitharaman
Synopsis
In a significant crackdown, the Enforcement Directorate has seized assets linked to bank frauds amounting to Rs 64,920 crore. Finance Minister Nirmala Sitharaman detailed this during a Lok Sabha session, highlighting the ongoing battle against financial crime in India.
Key Takeaways
ED has attached assets worth Rs 64,920 crore.
Investigated 1,105 bank fraud cases under PMLA.
150 individuals arrested; 277 prosecution complaints filed.
Action taken under Fugitive Economic Offenders Act against those abroad.
PMC Bank scam involved concealed bad loans affecting depositors.
New Delhi, March 30 (NationPress) The Enforcement Directorate (ED) has launched investigations into 1,105 bank fraud cases under the Prevention of Money Laundering Act (PMLA) and has seized illicit assets amounting to Rs 64,920 crore, as stated by Finance Minister Nirmala Sitharaman during a Lok Sabha session on Monday.
Sitharaman further noted that actions have been initiated under the Fugitive Economic Offenders Act (FEOA) against individuals who are evading Indian law by residing outside the country.
This includes prominent cases like the Nirav Modi and Punjab National Bank fraud, as well as issues associated with Vijay Mallya.
She highlighted that the measures taken under this legislation involve the seizure of properties, proceeds of crime, and benami properties.
"The ED has probed 1,105 bank fraud cases under the PMLA, leading to the attachment of proceeds of crime totaling Rs 64,920 crore. To date, 150 individuals have been apprehended, and 277 prosecution complaints have been lodged, while some have been declared Fugitive Economic Offenders under the FEOA," stated the Finance Minister.
According to her, assets valued at Rs 15,186 crore have been confiscated, out of which Rs 15,183 crore has been returned to public sector banks.
The Finance Minister's remarks were in response to discussions surrounding the Bill aimed at amending the Insolvency and Bankruptcy Code (IBC), during which concerns about fugitive economic offenders were raised.
She also mentioned that Rs 104 crore had been recovered from the Punjab & Maharashtra Co-operative (PMC) Bank scam, with assets worth Rs 725 crore confiscated under FEOA provisions.
This scam, which came to light in 2019, revealed that PMC Bank had allocated over 70% of its loans to HDIL (Housing Development and Infrastructure Ltd) and its affiliates.
The Rs 6,500 crore scam involved concealing bad loans, which led to a crisis for thousands of depositors.
Key executives, including the chairman and managing director, were arrested, and properties were confiscated. Following this, the RBI approved a merger of PMC Bank with Unity Small Finance Bank, facilitating the gradual return of funds to depositors.
Point of View
The Enforcement Directorate's actions against bank fraud signify a strong governmental stance on financial accountability. The significant asset seizures and arrests reflect the government's commitment to uphold the rule of law and protect the interests of depositors and the financial system.
NationPress
21 Jun 2026
Frequently Asked Questions
What is the total value of assets attached by the ED?
The Enforcement Directorate has attached assets valued at Rs 64,920 crore linked to bank frauds.
How many bank fraud cases has the ED investigated?
The ED has investigated a total of 1,105 bank fraud cases under the PMLA.
What actions are taken against fugitive economic offenders?
Actions under the Fugitive Economic Offenders Act include the confiscation of properties and proceeds of crime of those evading Indian law.
What notable cases were mentioned by the Finance Minister?
Notable cases include those involving Nirav Modi and Vijay Mallya, as well as the Punjab National Bank fraud.
What happened in the PMC Bank scam?
The PMC Bank scam involved concealing bad loans amounting to Rs 6,500 crore, impacting thousands of depositors.
