BUSINESS

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BUSINESS

Mehul Choksi leads India's top defaulter

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Biggest defaulters

India's top 50 loan defaulters owe Rs. 87,295 crore to banks and financial institutions, with Mehul Choksi's Gitanjali Gems, being the largest wilful defaulter.

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Top 10 defaulters' debt

The top 10 defaulters alone account for Rs. 40,825 crore of debt owed to scheduled commercial banks (SCBs).

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Other top defaulters

Era Infra Engineering Limited and REI Agro Limited trail Gitanjali Gems, owing Rs. 5,750 crore and Rs. 5,148 crore respectively.

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Massive write-offs

Over the past five financial years, SCBs have written off a total of Rs. 10,57,326 crore, said Union Minister Bhagwat Karad.

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Fraud losses

In 2022-23, 66,069 frauds were reported, causing a loss of Rs. 85.25 crore. In the previous year, 65,983 frauds were reported.