ED probes 32 bank fraud cases as 54 accused flee India, Rs 35,000 cr assets seized

The Enforcement Directorate is currently investigating 32 bank fraud cases involving 54 accused individuals who have fled the country. Proceedings under the Fugitive Economic Offenders Act have been initiated against 27 of these individuals. Following the declaration of nine persons as fugitive economic offenders, assets worth over Rs 840 crore have been confiscated. Additionally, unclaimed bank deposits amounting to Rs 62,683.19 crore have been transferred to the RBI's designated fund. India's foreign exchange reserves remain stable, sufficient to cover 10.3 months of goods imports.