After 31 Top Defaulters Flee, India Seeks to Shut the Gates – Gold Silver Reports

Gold Silver Reports – After 31 Top Defaulters Flee, India Seeks to Shut the Gates — From London to St. Kitts, India’s struggling to extradite businessmen it claims have fled the country after defaulting on billions of dollars of bank loans. Now it hopes to stop others from leaving.     

The government has compiled a list of 91 people it is considering barring from leaving India because of their involvement with companies that have defaulted, said a person with knowledge of the matter.

The people were selected because of their roles as directors or owners of Indian companies which have been identified as so-called wilful defaulters, firms which refuse to repay loans despite having the means to do so, the person said, asking not to be identified as the information is private. Some 400 Indian companies have been classified as wilful defaulters.

In addition, the government has asked Indian banks to provide passport details of a larger group of individuals who have signed applications or stood as guarantors for soured credits of more than 500 million rupees ($7.7 million), the person said, declining to elaborate. Some individuals from that group may also be barred from leaving the country if they are found to have committed fraud or engaged in wilful defaults, the person added.  – Neal Bhai Report (NBR) INDIA

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