According to the RBI, a wilful defaulter is anyone who has defaulted on repayment obligations deliberately. According to reports, Indian banks are suffering because of them. Here, let's take a look at the top five wilful defaulters in India.
KINGFISHER AIRLINES - VIJAY MALLYA
With an outstanding debt of 9,901 Crore, Vijay Mallya heads the list. The king of good times reportedly owes this amount to a consortium of 17 banks led by SBI.
WINESOME DIAMOND AND JEWELLERY - JATIN MEHTA
Jatin Mehta, the poster boy of Winesome Diamond and Jewellery, comes in at second. His company reportedly owes Rs. 3,156. 62 crore to a consortium of 11 public sector banks. Jatin Mehta and his wife had taken up the citizenship from the Federation of St Kitts and Nevis. Notably, St Kitts and Nevis does not have an extradition treaty with India.
STERLING BIOTECH - NITIN SANDESARA
Sterling Biotech is a Pharmaceutical preparation manufacturing company. It reportedly owes an outstanding amount of INR 2,017.68 crore to several public banks.
ZOOM DEVELOPERS - VIJAY CHAUDHRY
Zoom Developers, the real estate company from Mumbai, had reportedly taken loans amounting to INR 2,200 for his reality project in Europe. However, no projects have been constructed, so far. The company's Chairman Vijay Chaudhry had reportedly syphoned the money. Notably, Vijay Chaudhry is currently absconding.
ELECTROTHERM INDIA LTD. - MUKESH BHANDARI
Started in the year 1983, this metal melting industry reportedly has a total debt of Rs 2,211 crore to nationalised banks. The company also holds Rs 368.91 crore to various tax authorities.
