The Directorate of Enforcement (ED) is currently investigating 32 bank fraud cases under the provisions of the Prevention of Money-laundering Act (PMLA), 2002, involving 54 accused persons who have fled the country, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha recently. 
In a written reply, the minister said the government has taken multiple legal and enforcement measures against the absconding accused. These include issuing Red Corner and Blue Corner notices, initiating proceedings under the Fugitive Economic Offenders Act (FEOA), 2018, and seeking extradition of the accused from foreign jurisdictions. 
According to the minister, proceedings under the FEOA have been initiated against 27 accused. Out of these, nine individuals have been declared Fugitive Economic Offenders by the concerned courts. Assets worth INR 840.68 crore belonging to these declared offenders have been confiscated. 
The minister further informed the House that extradition proceedings have been initiated against 18 accused. Under the provisions of the PMLA, authorities have attached assets worth INR 35,166.28 crore, of which assets valued at INR 15,184.19 crore have already been confiscated. 
The Fugitive Economic Offenders Act, which came into force in 2018, was introduced to deter economic offenders from evading Indian law by remaining outside the country. The law allows authorities to confiscate properties of individuals declared as fugitive economic offenders by designated courts. 
Replying to another question, Chaudhary said that as per data provided by the Reserve Bank of India (RBI), the total amount of unclaimed deposits of public sector banks transferred to the Depositor Education and Awareness (DEA) Fund stood at INR 62,683.19 crore as of June 30, 2026. 
He said the government and the RBI have taken several measures to ensure that rightful claimants are identified in a timely manner, reduce the accumulation of unclaimed deposits in the DEA Fund and simplify the process for citizens to claim their money. 
Among the recent initiatives, the RBI has introduced the UDGAM portal, which enables depositors to search for unclaimed deposits across multiple banks through a single platform. Banks have also been directed to strengthen customer awareness campaigns and improve the process of tracing account holders and nominees. 
In a separate response, the minister said the Insurance Regulatory and Development Authority of India (IRDAI) monitors complaints related to alleged mis-selling, unfair business practices and claim-related issues, including disputes concerning policy terms and exclusions. 
He said these complaints are tracked through the Bima Bharosa portal, which serves as an online platform for filing, monitoring and resolving insurance-related grievances. According to data available on the portal, a total of 28,789 complaints relating to unfair business practices, including mis-selling, were reported during 2025-26. 
Responding to another query on foreign exchange reserves, Chaudhary said movements in India's foreign exchange reserves are influenced by several factors. These include the RBI's purchase and sale of foreign currency, income generated from reserve investments, external assistance received by the central government and changes arising from asset revaluation. 
He said the value of the Indian rupee is determined by market forces and is not managed within any specific target or trading band. 
The minister added that the RBI continuously monitors the foreign exchange market and intervenes whenever required to address excessive volatility. Between February and May 2026, the central bank sold USD 97.13 billion in the foreign exchange market. 
He further informed Parliament that India's foreign exchange reserve position remains adequate under internationally accepted reserve adequacy norms. As of July 10, 2026, the reserves were sufficient to cover 10.3 months of goods imports. At the end of March 2026, the ratio of short-term external debt, based on original maturity, to foreign exchange reserves stood at 21.6 per cent. 
The minister also said the government continues to closely monitor key economic indicators, including foreign exchange reserves, to support overall macroeconomic and financial stability. 
Source PTI