The Enforcement Directorate (ED) has attached assets worth Rs 35,166.28 crore under the Prevention of Money-laundering Act (PMLA), 2002, in 32 bank fraud cases involving 54 accused who have left the country, minister of state for finance Pankaj Chaudhary told the Rajya Sabha on Tuesday. Of the attached value, assets worth Rs 15,184.19 crore have already been confiscated, the minister said in a written reply.
Asset Seizures Under PMLA
Chaudhary said the agency has taken multiple steps to trace and act against the absconding accused. These include issuing Red Corner and Blue Corner notices, starting proceedings under the Fugitive Economic Offenders Act (FEOA), 2018, and seeking extradition from foreign countries. The minister detailed the scale of the crackdown in a written response to the upper house of Parliament.
| Metric | Value |
|---|---|
| Bank fraud cases under investigation | 32 |
| Accused who left India | 54 |
| Assets attached under PMLA | Rs 35,166.28 crore |
| Assets confiscated under PMLA | Rs 15,184.19 crore |
| FEOA proceedings launched | 27 |
| Accused declared Fugitive Economic Offenders | 9 |
| Assets confiscated under FEOA | Rs 840.68 crore |
| Extradition proceedings underway | 18 |
FEOA proceedings have been launched against 27 of the accused. So far, courts have declared nine of them as Fugitive Economic Offenders, leading to the confiscation of assets worth Rs 840.68 crore.
Fugitive Economic Offenders and Extradition
Chaudhary said extradition proceedings are currently underway against 18 accused. The disclosure underscores the government's use of the FEOA, which allows authorities to confiscate assets of economic offenders who flee the country to avoid prosecution. The minister also noted that courts have formally designated nine accused as Fugitive Economic Offenders, triggering confiscation of their assets.
Unclaimed Deposits in the DEA Fund
In a separate reply, Chaudhary said unclaimed deposits belonging to public sector bank customers and transferred to the RBI-managed Depositor Education and Awareness (DEA) Fund stood at Rs 62,683.19 crore as of June 30, 2026. He said the government and the Reserve Bank of India (RBI) have introduced several measures to help rightful owners recover these deposits more easily. The steps are also aimed at reducing the existing pile of unclaimed deposits and limiting fresh transfers to the DEA Fund.
Foreign Exchange Reserves and the Rupee
On the country's foreign exchange reserves, Chaudhary said changes in the reserves are driven by several factors, including RBI's buying and selling of foreign currency, income earned from investing the reserves, external aid received by the central government and changes in asset values due to revaluation. He said the rupee's value is decided by market forces and is not managed within any fixed target or band. RBI, however, keeps a close watch on the foreign exchange market and steps in whenever there is excessive volatility.
The minister added that RBI sold $97.13 billion between February and May 2026. He noted that India's foreign exchange reserves remain comfortable by standard reserve adequacy measures. As of July 10, 2026, they were enough to cover 10.3 months of goods imports. At the end of March 2026, the country's short-term debt, based on original maturity, was 21.6% of the foreign exchange reserves.
Insurance Complaints via Bima Bharosa
Chaudhary also shared details on complaints in the insurance sector. He said the Insurance Regulatory and Development Authority of India (IRDAI) tracks complaints related to mis-selling, unfair business practices and claim-related issues, including disputes over policy terms and exclusions. These complaints are monitored through the Bima Bharosa portal, an online platform where policyholders can file, track and monitor grievances. According to data available on the portal, 28,789 complaints related to unfair business practices, including mis-selling, were reported during 2025-26.
For CFOs, treasury directors and trade finance professionals tracking India's external position, the disclosed reserve adequacy metrics provide a concrete baseline: import cover of 10.3 months and short-term debt at 21.6% of reserves. The RBI's disclosed $97.13 billion of currency sales between February and May 2026 also signals the central bank's intervention capacity and its response to excess volatility, a factor directly relevant to hedging costs and FX exposure management for companies operating in Indian markets.
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