ED ने Nirav Modi, Vijay Mallya सहित 21 फ्यूजिट इकोनॉमिक ऑफेंडर्स की घोषणा की — Rs 2,178 crore की संपत्ति वसूली

<p>The <span class="key-term" data-definition="Enforcement Directorate (ED) — a central agency under the Ministry of Finance that investigates economic crimes, enforces FEMA, PMLA and FEOA; crucial for GS3: Economy and GS2: Polity">ED</span> has, in its latest annual report, declared 21 individuals as <span class="key-term" data-definition="Fugitive Economic Offenders Act (FEOA) — law that allows the ED to label a person who has fled India to avoid prosecution as a fugitive economic offender and to confiscate his/her assets (GS3: Economy, GS2: Polity)">FEOs</span> over the past seven years. The list includes high‑profile businessmen such as <strong>Nirav Modi</strong> and <strong>Vijay Mallya</strong>, UK‑based arms consultant <strong>Sanjay Bhandari</strong>, and Hajra Iqbal Memon. Assets worth approximately <strong>Rs 2,178.34 crore</strong> have been seized, reflecting a sharp rise in enforcement activity during FY 2024‑25 and FY 2025‑26.</p> <h3>Key Developments</h3> <ul> <li>21 persons declared FEOs; nine of them in FY 2025‑26 alone.</li> <li>Proceedings initiated against 54 individuals under the <span class="key-term" data-definition="Fugitive Economic Offenders Act (FEOA)">FEOA</span>.</li> <li>Confiscated assets total Rs 2,178.34 crore.</li> <li>Cases against Mehul Choksi, Zakir Naik and two Mahadev‑app promoters remain sub‑judice.</li> <li>Special Court (designated under the <span class="key-term" data-definition="Prevention of Money Laundering Act (PMLA) — legislation to curb money laundering and terror financing; gives the ED investigative and attachment powers (GS3: Economy)">PMLA</span>) declared Sanjay Bhandari an FEO after ED’s application in 2019.</li> </ul> <h3>Important Facts</h3> <p>A fugitive economic offender is defined as an individual against whom a warrant for arrest in a <strong>scheduled offence</strong> (value ≥ Rs 100 crore) has been issued, and who has left India to evade prosecution. The schedule includes offences such as counterfeiting currency, cheque dishonour, money laundering and fraud against creditors.</p> <p>The ED may file an application before a special court containing: reasons for belief, whereabouts, list of proceeds‑of‑crime properties, benami or foreign assets, and interested parties. If the person fails to appear, the court can declare him/her an FEO. The court can also attach properties provisionally for 180 days, extendable upon review.</p> <p>Confiscable properties comprise (a) proceeds of crime, (b) benami properties in India or abroad, and (c) any other assets owned by the offender. The Act bars civil courts from preventing a declared FEO from filing or defending civil suits, and also restricts companies where the FEO is a majority shareholder or key manager from litigating.</p> <h3>UPSC Relevance</h3> <ul> <li>Understanding <span class="key-term" data-definition="Benami property — assets held in the name of another person to conceal the real owner; a focus area under the Benami Transactions (Pro