New Delhi: As many as 2,664 corporates, including fugitive diamantaire Mehul Choksi-owned Gitanjali Gems on top of the list, have been classified as wilful defaulters classified by the Reserve Bank of India (RBI) for failing to repay bank loans despite having the adequate means to. These defaulters, in total, owed Rs 1,96,441 crore to the banks.

According to the response to Right to Information (RTI) queries filed by The Indian Express, in which the RBI released the names of top 100 wilful defaulters, it was found that as of June 2024, Gitanjali Gems owes Rs 8,516 crore to the banks, highest on the list. 

Choksi and his nephew Nirav Modi had fled India in 2018 after an FIR was filed against for committing loan fraud involving the Punjab National Bank. 

The second biggest defaulter on the list is ABG Shipyard, which owes Rs 4,684 crore to banks. Promoted by Rishi Agarwal, a major player in the shipbuilding industry, ABG Shipyard defrauded 28 banks to the tune of over Rs 22,800 crore. The scam came to light during an audit by E&Y, mandated by the SBI. In September 2022, Agarwal was arrested by the Central Bureau of Investigation (CBI). It is one of the biggest bank fraud case in the country.

Also read: Wilful Defaulter Dues Rose by a Whopping Rs 100 Crore Per Day Since March 2019: Report

Among other top 10 defaulters include Concast Steel & Power (Rs 3,557 crore), Era Infra Engineering (Rs 3,507 crore), SEL Agro (Rs 3,367 crore), Winsome Diamonds & Jewellery (Rs 3,356 crore), Transstroy (India) (Rs 3,261 crore), Rotomac Global (Rs 2,894 crore), Zoom Developers (Rs 2,217 crore), and Unity Infraprojects (Rs 1,987 crore).

The data also revealed that the number of wilful defaulters has steadily gone up from 2,154 in March 2020 to 2,664 in March 2024, and the amount they owed rose from Rs 1,52,860 crore to Rs 1,96,441 crore during the period.

Accordingto the RBI, a ‘wilful defaulter’ is a borrower or guarantor who has the means to pay but has not honoured the repayment obligation by deliberate non-payment, diverting and siphoning funds, or disposed of assets.

Earlier this year, the RBI issued new norms for wilful defaulters, in effect since November, in which it asked lenders to examine such defaulters in all Non-Performing Assets (NPA) accounts with an outstanding amount of Rs 25 lakh and above, and complete the process within six months. 

The investigations into the borrowers on the list are ongoing and agencies such as the Serious Fraud Investigation Office (SFIO), the Enforcement Directorate (ED) and the CBI, are involved, expecially in cases involving fraudulant practices and diversion of funds.

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