Overview In a landmark judgment on 28 May 2025 , a special Delhi court declared the former chairman and managing director of Amira Pure Foods Private Limited, Karan A. Chanana , and its whole‑time director, Anita Daing , as “fugitive economic offenders”. The court ordered the confiscation of movable and immovable assets worth ₹123.85 crore under the Fugitive Economic Offenders Act, 2018 (FEODA) . The case underscores massive bank loan fraud, money‑laundering, and corporate governance failures that are central to UPSC’s economics and governance syllabus. Key Developments Declaration as fugitive offenders: The court, after repeated non‑appearance of the accused abroad (Chanana in England, Daing in Dubai), invoked Section 10 of FEODA to label them fugitives and ordered asset seizure. Loan fraud magnitude: Amira Pure Foods defaulted on interest payments and concealed financial statements, leading consortium banks to classify the loan of ₹1,201.85 crore as fraudulent. A forensic audit (April 2015‑March 2018) revealed misappropriation, diversion of funds, and stock manipulation. Enforcement Directorate (ED) investigation: The ED found that Chanana acted as the interface with banks, diverting approximately ₹700 crore through shell companies. Both accused ignored summonses, fled India (Chanana on 16 Oct 2017, Daing on 29 Dec 2016), and were later subject to non‑bailable warrants. Important Facts Asset confiscation: Movable and immovable properties valued at ₹123.85 crore were ordered to be attached. Bank response: Canara Bank classified the loan as a non‑performing asset on 29 September 2017 , prompting the consortium to seek recovery. International cooperation: The Ministry of Home Affairs wrote to the Indian High Commission in London and the Consulate General in Dubai to serve notices, highlighting diplomatic channels in economic crime enforcement. UPSC Relevance This case touches multiple UPSC syllabus areas: GS Paper II (Polity & Governance) – legal framework of FEODA and criminal procedure; GS Paper III (Economy) – banking sector health, NPA crisis, corporate fraud, and money‑laundering mechanisms; GS Paper IV (Ethics) – corporate governance and ethical lapses; and optional subjects like Public Administration (regulatory oversight) and International Relations (cross‑border cooperation in enforcement). Potential questions may ask to evaluate the effectiveness of FEODA, discuss measures to curb corporate fraud, or analyse the impact of large‑scale loan defaults on the banking system. Way Forward Strengthening inter‑agency coordination between the ED, RBI, and the Ministry of Corporate Affairs, along with stricter monitoring of consortium lending, is essential. Amendments to FEODA could include faster asset attachment and clearer protocols for international extradition. Enhancing corporate disclosure norms and real‑time monitoring of large loans can prevent recurrence of such frauds, safeguarding financial stability.