Rs. 48,461 crore unclaimed deposits transferred

As of March 31, 2023, the banks had transferred unclaimed deposits of Rs 48,461.44 crore from 16,79,32,112 accounts to the Depositor Education & Awareness Fund, Parliament was informed.

In a written reply in Rajya Sabha, Minister of State for Finance Bhagwat Karad informed that the Ministry of Corporate Affairs has told him that the amount owing to the Investor Education and Protection Fund as of March 31, 2023, is Rs 5,714.51 crore.

“Fugitive Economic Offender Act was enacted in 2018. The Directorate of Enforcement (ED) has informed that as on August 2, 2023, there are eight fugitive economic offenders who are wilful defaulters,” he said.

In addition, ED has informed that as on August 2, 2023, proceeds of crime of fugitive economic offenders, amounting to Rs 34,118.53 crore have been attached, out of which assets amounting to Rs 15,838.91 crore have been confiscated and assets amounting to Rs 15,113.02 crore have been restituted to the public sector banks, he said.