J Gopikrishnan
New Delhi / March 9, 2026
While the Union Government and the Reserve Bank (RBI) of India claim that Non-Performing Assets (NPAs) of Public Sector Undertaking (PSU) banks are at a decade’s low, the latest data on Large Defaulters of PSU banks has reached Rs. 29 lakh crores.
Large defaulters are borrowers with outstanding dues of INR 1 crore or more facing civil cases by banks, involving non-repayment, while NPAs are loans overdue for over 90 days, regardless of size. While NPAs may be settled by banks through a one-time settlement or settled under the Insolvency Banking Code (IBC); NPAs are defined by time-based repayment failure, whereas large defaults focus on high-value, high-risk, or wilful negligence.
Earlier in February, the Government informed the Parliament that gross NPAs as a percentage of total loans and advances of scheduled commercial banks were at a historic low of 2.15 per cent at the end of September 2025. However, there is no clarity on how these figures were arrived at.
According to publicly available data, 11 PSU banks are contesting civil cases in courts across the country to recover Rs. 28.93 lakh crores from corporate clients. The biggest defaulters on the list features are Anil Ambani and his companies with outstanding dues of Rs. 48,282 crores. Data on Large Defaulters up to January 2026 is available with rating agency TransUnion CIBIL. All PSU banks, except Indian Bank, have uploaded their lists of Large Defaulters.
This week, The Pioneer will analyse and publish records from TransUnion CIBIL detailing India’s largest defaulters. Details of NPAs have been made available only once by the RBI. The central banker was forced to produce the data in a sealed cover to the Supreme Court (SC) in 2021 in response to a Public Interest Litigation (PIL) filed by former BJP MP Subramanian Swamy, who sought guidelines for disbursing loans to corporations. The RBI informed the court that accounts classified as NPAs belong to existing customers and banks must maintain privacy norms. The data was never made public.
Swamy also attached the Credit Suisse 2015 report Debt Over Debt to his PIL, which stated that India’s top 10 corporates had crossed NPAs of more than Rs. 11 lakh crores. The report listed the Anil Ambani Group, Vedanta, Essar Group, Adani Group, Jaypee Group, JSW Group, GMR Group, Lanco, Videocon Group and GVK Group.
While the Videocon Group was later implicated in bribing INR 350 crore to Deepak Kochhar, husband of then ICICI Bank chief Chanda Kochhar, GVK Group was taken over by the Adani Group after the CBI registered a case based on a CAG report alleging theft of public money, as the biggest NPAs.
India has 12 PSU banks, which regularly publish data on Large Defaulters. For banks, these defaults are problematic as the loans were given without collateral security. Interestingly, only the Indian Bank has not published any details for the past year.
Among the 11 PSU banks, the highest Large Defaulters are with Union Bank of India (UBI), with INR 9.96 lakh crores in dues. Bankers argue that UBI reached the top spot after Corporation Bank and Andhra Bank were merged with it.
State Bank of India (SBI) is second with Rs. 5.79 lakh crores in dues, followed by Punjab National Bank (PNB) with Rs. 2.59 lakh crores, Canara Bank with Rs. 2.49 lakh crores, Bank of Baroda with Rs. 2.21 lakh crores, Bank of Maharashtra with Rs. 1.78 lakh crores, Central Bank of India with Rs. 1.44 lakh crores, UCO Bank with Rs. 1.11 lakh crores, Bank of India with Rs. 96,512 crores, Indian Overseas Bank with Rs. 30,861 crores and Punjab and Sind Bank with Rs. 27,954 crores.
In the coming days, The Pioneer will publish bank-wise details of Large Defaulters owing more than INR 500 crores to PSU banks — large corporate borrowers who allegedly secured loans without collateral through political patronage and bribery of bankers.
Part – 2
Large defaulters list: Big corporates, banks connive to ‘leak’ public money
J Gopikrishnan / March 10, 2026
A day after The Pioneer reported on the large defaulters’ list of public sector banks based on data from TransUnion CIBIL, the database was taken down on Monday morning. Partial data was restored later in the day.
The list of large defaulters across 11 Public Sector Undertaking (PSU) banks totals over Rs. 29 lakh crore. Two banks — State Bank of India and Union Bank of India — together are staring at Rs. 15.75 lakh crore in defaults. Union Bank alone faces INR 9.96 lakh crore in defaults, while SBI’s exposure stands at Rs. 5.79 lakh crore. A large share of these loans were reportedly sanctioned without recoverable collateral.
Several defaulting companies secured loans by pledging shares, whose prices were allegedly inflated in stock markets. Many of these pledged shares have since been liquidated or sharply corrected during proceedings under the Insolvency and Bankruptcy Code (IBC).
Among the largest defaulters are Anil Ambani and his companies, with loans amounting to Rs. 48,282 crore from both public and private lenders, including National Bank for Agriculture and Rural Development (NABARD), which oversees rural and cooperative banks.
Ambani is listed as a personal guarantor in few loans. Records show variations in his name — including “Anil D Ambani” and “Anil Dhirajlal Ambani” — while in many cases company staff are listed as directors and guarantors, complicating recovery efforts.
Data from TransUnion CIBIL shows 13 banks extended about 70 loans to Ambani and his firms. The Central Bank of India alone sanctioned six loans worth Rs. 3,046 crore to the now-defunct Reliance Naval and Engineering Limited.
The bank later issued six loans totalling INR 1,582 crore to Reliance Communications. The company had dues of about Rs. 48,000 crore and was acquired through insolvency by his brother Mukesh Ambani for just Rs. 430 crore.
During hearings related to Anil Ambani’s loan fraud cases, Chief Justice of India, Justice Surya Kant remarked that the insolvency process had “become a mockery.” The case was filed by former Government Secretary EAS Sarma and argued by advocate Prashant Bhushan.
SBI sanctioned the largest number of loans to Ambani-linked firms, often splitting them into smaller amounts and sometimes through banking consortia. The bank extended 16 loans totaling INR 13,633 crore to companies including Reliance Communications, Reliance Naval, Reliance Telecom and Reliance Infratel.
Union Bank of India granted 11 loans worth Rs. 6,724 crore to Reliance Communications, Reliance Telecom and Reliance Naval. Federal Bank extended seven loans totaling INR 1,976 crore to Anil Ambani’s US-based film production firm Reliance Big Entertainment (US) Inc.
Other lenders included IFCI, UCO Bank, Axis Bank, Punjab and Sind Bank, Bank of Maharashtra, Canara Bank, Indian Overseas Bank and Karur Vysya Bank. NABARD also filed a civil suit against Reliance Commercial and Finance Limited for defaulting on an Rs. 1,106 crore loan.
According to officials from the Enforcement Directorate, the agency has already attached assets worth over Rs. 20,000 crore belonging to Ambani and his companies. After filing charge sheets — which may increase following intervention by the Supreme Court of India — the 13 banks may approach courts to claim their dues of Rs. 48,282 crore from the attached assets.
Part – 3
SBI’s Large Defaulter List shows split loans, guarantor complexities
J Gopikrishnan / March 11,2026
The relationship between banks and large corporate borrowers in India often raises questions, especially when it comes to granting huge loans and recovering them after default. Data about cases filed by the State Bank of India (SBI) against large defaulters shows patterns that appear complex and sometimes puzzling. Data of TransUnion CIBIL shows up to January 2026, SBI filed suits across the country to recover Rs. 5.78 lakh crore from Large Defaulters.
For instance, SBI has filed two civil cases against fugitive C Sivasankaran’s company Dishnet Wireless Limited. Sivasankaran gained notoriety in the Aircel-Maxis case, where P Chidambaram and his son Karti Chidambaram were involved in a quid-pro-quo in granting Foreign Investment Promotion Board clearance to Maxis Communications to acquire 74 per cent of Aircel.
According to data from TransUnion CIBIL, SBI filed two cases against Dishnet for defaulted loans of Rs. 4,856 crore each, totaling Rs. 9,712 crore. However, different guarantors are listed in the two suits. One case names Sivashakaran’s partner Suneeta Reddy, a director of Apollo Hospitals, while the other lists Anand Swarup Pathak as guarantor.
A similar pattern appears in cases involving Anil Ambani and his companies. Although SBI lists Alok Industries Limited with Rs. 6,299 crore dues as the biggest defaulter, a closer analysis suggests companies linked to Ambani owe about Rs. 13,633 crore. SBI split these loans into 16 accounts, resulting in 16 civil cases. The loans were given to several now-defunct Reliance group companies, including Reliance Communications, Reliance Naval and Engineering Limited, Reliance Telecom, and Reliance Infratel.
Another major case involves KSK Mahanadi Power Company Limited, which owes SBI Rs. 11,445 crore in three cases. The company was named in the 2012 Coal Allocation Scam and was later taken over by JSW Energy, headed by Sajjan Jindal, under the Insolvency and Bankruptcy Code in 2025. Similarly, SBI lists four defaults totaling Rs. 15,244 crore against Bhushan Power & Steel Limited, which also went through the insolvency process.
Some cases involve companies based abroad. For example, Aban Holdings Pte Limited borrowed Rs. 5,476 crore from SBI’s Chennai office. Although run by individuals of Indian origin and registered in Singapore, questions remain about how such loans will be recovered if they were issued without strong collateral. SBI also extended large loans to companies facing corruption or fraud allegations. For example, Videocon Telecommunications Limited, part of the Videocon Group led by Venugopal Dhoot, received Rs. 1,944 crore through four accounts from the same SBI branch in New Delhi. The group was later implicated in a bribery case involving former ICICI bank head Chanda Kochhar and her husband Deepak Kochhar.
Other examples include two cases against Mehul Choksi’s company Gitanjali Gems for Rs. 713 crore, and eight loans totaling Rs. 999 crore given to Lavasa Corporation Limited headed by Ajit Gulabchand. Splitting loans into multiple accounts from the same branch often leads to several separate court cases.
Similarly, SBI filed nine cases against IL&FS Transportation Networks Limited for Rs. 1,140 crore, two against Shakti Bhog Foods Limited for Rs. 3,843 crore, and four each against ABG Shipyard Limited and Punj Lloyd Limited for Rs. 6,927 crore and Rs. 6,619 crore respectively. Notably, these firms took multiple loans from the same SBI branch.
Overall, SBI has filed more than 700 recovery cases against about 150 companies with dues above Rs 500 crore. In some instances, shell companies obtained large loans, sometimes sharing addresses with major firms or listing them as guarantors.
When loans become Non-Performing Assets (NPA) and cannot be resolved through settlements or insolvency proceedings, banks file civil cases and report defaulters to TransUnion CIBIL. Two lists are maintained: the “Large Defaulters” list (dues above INR 1 crore) and the “Willful Defaulters” list (dues above INR 25 lakh).
Interestingly, the latest willful defaulter list from SBI includes two small accounts of Kingfisher Airlines, each with dues of Rs. 28.34 lakh. The guarantors listed are fugitive businessman Vijay Mallya and his company United Breweries. Earlier, Finance Minister Nirmala Sitharaman told Parliament that banks had recovered Rs. 14,000 crore from Mallya. Mallya later challenged this in the Karnataka High Court, arguing that his total dues were only about Rs. 8,000 crore.
Overall, these cases highlight the complexity of large corporate lending in India and raise questions about how such massive loans are granted, monitored, and eventually recovered.
Part – 4
Union Bank tops with Rs. 9.96 lakh crore stuck in default cases
J Gopikrishnan / March 12, 2026
Union Bank of India (UBI) tops the list of PSU banks with large defaulters, accounting for almost a third of the Rs. 29 lakh crore defaults of 11 public sector banks. The bank has filed 18,197 civil cases across the country to recover more than Rs. 9.96 lakh crore, according to data from TransUnion CIBIL. Many of these loans were given without recoverable collateral, often against pledged shares that were manipulated.
The biggest defaulter is real estate firm Era Group, headed by Hem Singh Bharana, with loan dues of over Rs. 75,474 crore. Bharana (66) faces cases from the Central Bureau of Investigation and the Enforcement Directorate for cheating and siphoning money from banks to the British Virgin Islands. Bharana and his companies own large land parcels across Delhi, Uttar Pradesh, Haryana and Punjab.
A Delhi branch of UBI gave 21 loans to Era Infra Engineering Limited, each split into Rs. 3,594 crore. The ED recently attached assets worth about INR 1,000 crore belonging to its subsidiary ADEL Landmarks Limited. Era Group companies are now facing insolvency cases and had also taken loans from Vijaya Bank, ICICI Bank, Axis Bank, IFCI Limited, State Bank of India, IDBI Bank and Canara Bank. Bharana is also fighting cases against banks and the Reserve Bank of India for labelling his accounts fraudulent.
Another politically connected defaulter is Lanco Group, which defaulted INR 28,521 crore through more than 30 loans from UBI’s Delhi and Hyderabad branches. Its promoter L. Rajagopal was a Congress MP from Andhra Pradesh and gained notoriety for using pepper spray in the Lok Sabha during protests over the state’s division in 2014.
UBI is also pursuing recovery from fugitives Mehul Choksi and Nirav Modi. Their company Gitanjali Gems received 31 loans totaling Rs. 24,404 crore. The debt-ridden Essar Group received 29 loans worth Rs. 17,734 crore, while Bhushan Power and Steel Limited, now in insolvency, took eight loans totalling Rs. 37,409 crore.
Other defaulters include Indian Technomac Limited (15 loans totaling Rs. 31,092 crore); Amtek Auto Limited (six loans worth Rs. 5,916 crore), whose promoter Arvind Dham diverted over Rs. 33,000 crore through 500 shell firms and faces CBI and ED cases.
The list also includes Sai Renewable Power Limited (Rs. 3,139 crore); MBS Jewellers (Rs. 1,005 crore); and Delhi-based PC Jeweller (Rs. 6,773 crore). Anil Ambani and his companies received eight loans totalling Rs. 8,675 crore, including loans to Reliance Communications, Reliance Naval and Engineering Limited and Reliance Telecom. Supertech Limited received 11 loans totalling Rs. 3,234 crore, while debt-ridden Punj Lloyd took seven loans totalling Rs. 947 crore before being taken over by Adani Group through the Insolvency and Bankruptcy Code process.
Other defaulters include Jay Polychem (India) Limited (Rs. 5,148 crore), Alok Industries (Rs. 1,247 crore, besides Rs. 6,299 crore owed to SBI), Bhatia Global Trading Ltd (Rs. 3,054 crore), Sadbhav Engineering Limited (Rs. 940 crore), Biotar Industries Ltd (Rs. 1,070 crore loans), Gayatri Projects (Rs. 1,024 crore), and Yojaka India Private Limited (Rs. 1,493 crore).
Additional dues include Ramakrishnan Spintex Private Limited (Rs. 1,193 crore), SEL Textiles (Rs. 1,557 crore), Diamond Hut India Private Limited (Rs. 1,453 crore), IVRCL Ltd (Rs. 900 crore), Harish Chandra (India) Limited (Rs. 1,275 crore), Shakti Bhog Food Limited (Rs. 1,040 crore), and Nafto Gaz Indo Private Limited (Rs. 1,479 crore).
Most of these companies are now in insolvency, and the pledged shares have little or no value. Banks may only recover money later by claiming on ED-attached land assets after chargesheets are filed and courts allow such claims.
Part – 5
Choksi, Nirav Modi orchestrated a billion-dollar PNB Bank fraud
J Gopikrishnan / March 13, 2026
The Punjab National Bank, looted by fugitives Mehul Choksi and Nirav Modi, ranks third on India’s largest defaulters list, with Rs. 2.59 lakh crore waiting to be recovered from large defaulters nationwide. The bank has filed 7,374 civil cases across the country to recover the amount.
According to TransUnion CIBIL data up to January 2026, Choksi and Nirav Modi’s companies — Gitanjali Gems and Nakshatra Brands — have unpaid loans totaling Rs. 27,544 crore.
After Choksi and Nirav Modi fled India, the Government removed PNB’s MD Usha Ananthasubramanian. Multiple banks in a consortium provided huge loans to the duo. Top bankers indicate that such large loan disbursals require political backing and coordination among consortium banks. The consortium included Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, CBI, Corporation Bank, Dena Bank, ICICI, IDBI, IFCI Ltd, Indian Overseas Bank, Syndicate Bank, SBI, UCO Bank, Union Bank, Vijaya Bank, Exim Bank of India, IndusInd Bank, and Karnataka Bank Ltd.
Other notable defaults include former Congress MP L Rajagopal’s Lanco Group (Rs. 9,422 crore from PNB), ABG Shipyard (Rs. 7,609 crore), Singapore-based Aban Offshore (Rs. 2,536 crore), and Aban Holdings Pte Ltd (Rs. 6,573 crore). Rajagopal gained notoriety for using pepper spray in the Lok Sabha, objecting on the division of Andhra Pradesh.
Mumbai-based jeweler Gili India received Rs. 7,234 crore, PC Jewellers Rs. 1,896 crore (also facing a Rs. 6,773 crore case with Union Bank), and Winsome Diamonds Rs. 5,262 crore. Bankers connivance is clearly visible in splitting these huge laons into small amounts.
Additional large defaulters include Zoom Developers (Rs. 2,303 crore), Shakti Bhog Foods (Rs. 2,358 crore), Congress leader Kamal Nath’s family-owned Moser Baer Group (Rs. 2,050 crore), Surana Group (Rs. 5,762 crore), S KUMARS (Rs. 1,458 crore), Siddhi Vinayak Logistics (Rs. 2,480 crore), Simbhaoli Sugars (Rs. 906 crore), Gupta Power Infrastructure (Rs. 890 crore), Frost International (INR 4,736 crore), and Forever Precious Jewellery and Diamonds (Rs. 4,361 crore).
Fugitive C Shivankaran’s Dishnet Wireless received Rs. 1,869 crore, Vandana Vidyut Rs. 4,748 crore, VISA Resources India Rs 1,360 crore, Divine Alloys and Power Rs 1,374 crore, Pioneer Gas Power Rs. 1,342 crore, Krishna Knitwear Rs 1,371 crore, Abhinav Steel and Power Rs. 1,098 crore, Satluj Spintex Rs. 1,205 crore, Kamachi Industries Rs. 904 crore, Shri Lakshmi Cotsyn Rs. 1,272 crore, Shrenuj and Co Rs. 1,690 crore, Jas Infrastructure and Power Rs. 2,726 crore, Actiff Corporation Rs. 1,035 crore, Sunil Hitech Engineers Rs. 2,042 crore, Costal Project Rs. 1,890 crore, Gupta Coal India Rs. 950 crore, Emmson International Rs. 2,038 crore, and Jubilant Offshore Drilling Rs. 600 crore.
Part – 6
From Aircel to Jet: Canara Bank chases Rs. 2.49 lakh crore in corporate defaults
J Gopikrishnan / March 16, 2026
Canara Bank ranks fourth among public sector banks for defaults from large corporate, with dues of Rs. 2.49 lakh crore, according to data compiled by TransUnion CIBIL and examined by The Pioneer as part of its series on large defaulters of India’s PSU banks. Large defaults of 11 PSU banks exceed INR 29 lakh crore. Indian Bank has not yet submitted list of Large Defaulters for the past one year. Canara Bank has filed 14,277 suits across the country to recover these loans.
Among the borrowers are several high-profile corporate groups. Companies linked to debt-ridden industrialist Anil Ambani owe INR 1,574 crore to the bank. In one case, Jindal Steel and Power, headed by Naveen Jindal, is listed as personal guarantor for dues of INR 1,487 crore related to Reliance Communications. Insolvent Bhushan Power and Steel owes INR 1,229 crore, while PEC India owes INR 1,227 crore. The defunct Jet Airways owes INR 1,972 crore, with the bank listing a company staff as personal guarantor instead of promoter Naresh Goyal.The largest defaulter is fugitive businessman C Sivasankaran’s telecom firm Aircel, which owes INR 4,508 crore
The Seychelles-based promoter of Aircel and Dishnet Wireless owes banks more than INR 20,000 crore. According to the data, one of his company directors, Sudhir Mathur, is listed as personal guarantor to Canara Bank.
Other major defaulters include Shri Lakshmi Cotsyn (INR 3,982 crore), the Lanco Group of former Congress MP L Rajagopal (INR 3,852 crore), Gammon Engineers (INR 3,425 crore), Odisha-based MS Gupta Power Infrastructure (INR 3,303 crore) and companies linked to IL&FS (INR 3,237 crore).
The data shows that in most of these cases the bank has no recoverable collateral apart from personal guarantees. Many loans were sanctioned against company shares whose valuations were later found to be inflated, while several of the companies have since entered insolvency or liquidation.
The records also indicate that several large loans were structured as multiple smaller loans. One example cited is Kolkata-based Nicco Corporation, which is now undergoing insolvency proceedings. The company received 168 separate loans of INR 16.75 crore each from the same Canara Bank branch, amounting to INR 2,815 crore in total.
Other large defaulters include Delhi-based Indure Pvt Ltd (INR 2,770 crore), Winsome Diamonds and Jewellery (INR 2,550 crore), Bengaluru-based Rajesh Exports (INR 2,285 crore), PSL Limited (INR 2,373 crore), Hyderabad-based Gayatri Projects (INR 2,342 crore) and Supreme Housing and Hospitality (INR 2,254 crore). Kolkata-based Rabirun Vinimay Pvt Ltd owes INR 2,024 crore; through the insolvency process, Jindal Steel acquired the company for INR 96 crore, leaving the bank to pursue civil recovery for the remaining dues.
Real estate firm Era Group, controlled by H.S. Bharana and owing more than INR 75,000 crore to Union Bank, also has dues of INR 1,544 crore to Canara Bank. Alok Industries, which owes more than INR 6,500 crore to SBI, borrowed INR 1,746 crore from the bank.
Other borrowers include Concast Steel & Power (INR 1,695 crore), Jay Polychem (INR 1,714 crore), Forever Precious Jewellery and Diamonds (INR 1,364 crore), and DHFL, whose promoters Kapil and Dheeraj Wadhawan face dues exceeding INR 50,000 crore across banks and owe INR 1,250 crore to Canara Bank.
Fugitives Mehul Choksi and Nirav Modi, accused of defrauding Punjab National Bank of over INR 25,000 crore, also borrowed INR 919 crore from Canara Bank. Real estate firm Unitech Ltd owes INR 937 crore, while Trimax IT Infrastructure and Services Ltd has dues of INR 937 crore.
Other defaulters include Mahendra Exports (INR 858 crore), Kolkata-based BBT Elev RD (INR 747 crore), Bibcol (INR 732 crore), Mumbai-based jewellery company Gili India (INR 700 crore), Hyderabad-based IVRCL (INR 790 crore) and Transstroy India Pvt Ltd (INR 653 crore).
Part – 7
Bank of Baroda chases Rs. 2.21 lakh crore
J Gopikrishnan / March 17, 2026
Out of more than Rs. 29 lakh crore owed by large corporate defaulters to PSU banks, Bank of Baroda ranks fifth with outstanding dues of Rs. 2.21 lakh crore. According to TransUnion CIBIL data, the bank has filed 9,013 civil suits nationwide to recover dues as of December 2025. At the top of the bank’s defaulter list is Reliance Communications, promoted by Anil Ambani, with 11 cases totaling INR 23,151 crore. Earlier reports in the series show Ambani-linked firms owe INR 48,282 crore to 13 banks. With Bank of Baroda’s exposure included, the total dues rise to INR 71,433 crore.
Other major defaulters include the Lanco Group (INR 7,215 crore), Hyderabad-based Gayatri Projects (INR 7,142 crore), and the Videocon Group (INR 5,296 crore).
Mumbai-based GTL Limited has 11 loans totaling INR 5,142 crore. The CBI registered an FIR for banking fraud, but the Bombay High Court recently quashed it, citing lack of details on bankers or fund diversion.
Several other firms face significant recovery cases: Kolkata-based Concast Steel and Power (INR 6,287 crore), Frost International (INR 4,112 crore), fugitive-linked Gitanjali Gems and Gitanjali Export Corporation (INR 2,194 crore), Bangalore-based Spice Trading Corporation (INR 2,729 crore), Mumbai-based EMI Transmission (INR 2,705 crore) and Pratibha Industries (INR 2,307 crore), along with Emco Ltd (INR 1,766 crore).
Additional large defaulters include EMC Ltd (INR 1,744 crore), Transstroy India (INR 2,255 crore), Gammon India (INR 2,194 crore), Parekh Aluminex (INR 2,080 crore), Siddhi Vinayak Logistics (INR 1,922 crore), JVL Agro (INR 1,915 crore), REI Agro (INR 1,727 crore), Rotomac Global (INR 1,370 crore), Winsome Diamonds (INR 1,243 crore), Monnet Power Co (INR 1,119 crore), Simplex Projects (INR 1,110 crore), and Surana Industries (INR 1,085 crore).
Other notable defaulters with dues between INR 600-INR 1,000 crore include Surya Pharmaceutical, Golden Jubilee Hotels, ABG Shipyard, Kwality Ltd, Zoom Developers, Sai Infosystems, Vimal Oil & Foods, Forever Precious Jewellery, and Kingfisher Airlines.
Banking sources note that most of these borrowers also owe large sums to multiple banks, often without recoverable collateral, and many loans were split into smaller accounts, resulting in multiple recovery cases.
Part – 8
From RCom to Videocon: Bank of Maharashtra chases large defaulters
J Gopikrishnan / March 18, 2026
Bank of Maharashtra ranks sixth among 11 Public Sector Banks in the Large Defaulters list, with total dues pegged at Rs. 1.78 lakh crore. According to TransUnion CIBIL data up to January 2026, the bank has filed 3,531 recovery suits in courts across the country.
Companies linked to Anil Ambani tops the list, with dues of INR 10,728 crore. Reliance Communications and Reliance Naval and Engineering Limited split the exposure into multiple accounts, resulting in 16 recovery cases.
The second-largest defaulter is Winsome Diamonds, owing INR 9,342 crore. Promoted by fugitive Jatin Mehta, the company is under investigation by the CBI and ED.Investigating agencies have approached courts in the UK and UAE to trace allegedly siphoned funds.
Transstroy India Ltd, promoted by former TDP MP Rayapati Sambasiva Rao (82), owes INR 6,734 crore, making it the third-largest defaulter. Investigations by the CBI and SFIO found that funds were allegedly diverted through shell companies created in the names of employees including his maids, drivers and sweepers. The firm also has significant dues to other banks.
The Videocon Group, led by Venugopal Dhoot, owes INR 6,722 crore. Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar face charges related to alleged quid pro quo in loans extended to the group.
Other major defaulters include Siddhi Vinayak Logistics Ltd (INR 6,071 crore), Accurate Transformers Ltd (INR 4,376 crore), SVOGL Oil Gas and Energy Ltd (INR 4,125 crore), VOVL Ltd (INR 4,206 crore) and Coastal Projects Ltd (INR 4,153 crore).
The Lanco Group, promoted by former Congress MP L Rajagopal, owes INR 3,821 crore to the bank, with total dues across lenders estimated at over INR 30,000 crore. Rajagopal is notorious for using pepper spray inside the Lok Sabha protesting division of Andhra Pradesh in early 2014.
Textile firm SEL Manufacturing Company Ltd (INR 3,733 crore) and Jay Polychem India Ltd (INR 3,700 crore) also feature prominently.
Among other notable defaulters are Ushdev International Ltd (INR 3,011 crore), Jogeshwari Breweries Ltd (INR 2,482 crore), Metalyst Forgings Ltd (INR 2,316 crore), SEW Infrastructure Ltd (INR 2,231 crore), Kay Bouvet Engineering Ltd (INR 2,193 crore) and Corporate Ispat Alloys Ltd (INR 2,127 crore).
Real estate firms Amrapali Group (INR 1,753 crore) and Supertech Limited (INR 1,653 crore), both facing insolvency and homebuyer fraud cases, are also on the list.
Additional defaulters include Shree Ganesh Jewellery House Ltd, Unijules Life Sciences Ltd, Shirpur Gold Refinery Ltd and Gayatri Projects Ltd, among others, each owing over INR 1,000 crore.
In the INR 600-1,000 crore bracket, notable names include Jyoti Structures Ltd, EMC Ltd, Innoventive Industries Ltd, Gammon India Ltd and Essel Infraprojects Ltd, promoted by Subhash Chandra. Firms linked to fugitives Mehul Choksi and Nirav Modi, including Gitanjali Exports, also feature.
Bankers say a majority of these loans were extended against share pledges and personal guarantees, often with limited recoverable collateral, complicating recovery efforts.
Part – 9
Central Bank of India faces Rs. 1.44 lakh crore in defaults, files 4,903 cases
J Gopikrishnan / March 19, 2026
The Central Bank of India is grappling with loan defaults worth Rs. 1.44 lakh crore from large corporate borrowers, ranking seventh among public sector banks in recovery from big-ticket defaulters, according to data up to January 2026.
Figures from TransUnion CIBIL show the bank has filed 4,903 recovery suits across the country as total large defaults in the PSU banking system exceed INR 29 lakh crore.
The biggest defaulter is the Videocon Group, which owes INR 25,299 crore. This group headed by Venugopal Dhoot and brother former Shiv Sena MP Rajkumar Dhoot got nine loans, split into equal value from the Central Bank. It is also under investigation in a CBI case linked to alleged bribery involving former ICICI Bank CEO Chanda Kochhar. 10 percent of the loan value given as bribe to her husband Deepak Kochhar’s firm. The company is currently undergoing insolvency proceedings.
Anil Ambani-led Reliance Communications, Reliance Naval Engineering and Reliance Telecom together account for INR 4,402 crore in dues, followed by Dunn Foods Pvt Ltd (INR 4,191 crore) and Punj Lloyd (INR 4,055 crore).Chennai-based Coastal Energen Pvt Ltd has defaulted on INR 3,630 crore. The company, now acquired by Adani Power through insolvency, had also borrowed heavily from multiple banks, leaving lenders to pursue recovery through legal routes.
Apart from Central Bank, Coastal Energen Private Limited took loans from SBI (INR 10,605 crore), Punjab National Bank, Indian Overseas Bank, Indian Bank, UCO Bank, HUDCO, IFCI, Bank of India, Bank of Baroda, Corporation Bank, Andhra Bank, J&K Bank, Canara Bank and Tamilnadu Mercantile Bank. This company was promoted Ahmed AR Buhari, settled in Dubai.
Other major defaulters include Lanco Infratech (INR 3,543 crore) headed by former Congress MP L Rajagopal, Rolta India (INR 3,422 crore) and S Kumars Nationwide (INR 3,146 crore).
Gitanjali Gems, promoted by fugitives Mehul Choksi and Nirav Modi, has defaulted on INR 2,815 crore. Additional large defaulters include KS Oils (INR 2,746 crore), Shri Lakshmi Cotsyn (INR 2,315 crore), Frost International (INR 2,138 crore), Nagarjuna Oil Corporation (INR 2,117 crore) and EPC Constructions linked to the Essar Group (INR 2,087 crore).
Among other borrowers with significant dues are Sujana Towers (INR 1,925 crore), Housing Development and Infrastructure Ltd (INR 1,464 crore), Pioneer Gas and Power (INR 1,435 crore), Ushdev International (INR 1,403 crore) and Pratibha Industries (INR 1,174 crore).Winsome Diamonds and Jewellery, linked to fugitive Jatin Mehta, accounts for around INR 1,400 crore in defaults.
Transtroy India, promoted by former TDP MP Royapatti Sambasiva Rao, has defaulted on INR 1,389 crore and is under investigation by central agencies for alleged fund diversion. This company engages in road, rail, power contracts is facing CBI and ED cases. CBI and SFIO found that Sambasiva Rao (82) created fake companies in the name of his maids, drivers and sweepers. Interestingly, Central Bank has given loan to Transtroy India’s linked company Betul Tollways Private Limited and a Russian Citizen Oleg Sergeev is shown as personal guarantor. This person is director of many toll companies of Sambasiva Rao.
Further defaulters include Lloyds Steel Industries (INR 1,321 crore), Forever Precious Diamonds (INR 1,267 crore), Konaseema Gas Power (INR 1,222 crore), C&C Construction (INR 1,161 crore), Vandana Vidyut (INR 1,117 crore), Shrenuj & Co (INR 1,129 crore), Varun Industries and VVF (India) Ltd.
Other defaulters ranging between INR 600 crore to INR 1,000 crore are Kolkata based Rabirun Vinimoy, Surat based Nakoda Ltd, Surya Vinayak Industries, Unity Infra Projects, Spanco Ltd, Prakash Vanijya, Warasgaon Assets Maintenance Limited, Best Foods, Archo Tech Ltd,EMC Limited, and The Sirpur Paper Mill.
Interestingly, Central Banks has filed two case against NAFED for recovery of INR 663 crore. NAFED is a cooperative society under Union Agriculture Ministry. Fugitive C Sivasankaran has defaulted more than INR 25,000 crore with many banks and has not left even Central Banks also. His Siva Ventures is defaulted INR 525 core.
All these big loans have no recoverable collaterals, except shares pledged and personal guarantee of company directors. Bankers say many big loans were allotted due to political support. The Then Central Bank of India’s CMD Dharam Vir Taneja faced action for not giving loans to Congress stalwart late Sanjay Gandhi’s Maruti car project in 1975. A CBI case was registered against him and later the agency closed the case. Taneja has chapter on his life in Central Bank on his book — A Chronology of Men, Matters and Events.
Part – 10
Over 2,000 cases filed as UCO Bank tries to reclaim Rs. 1.11 lakh crore in large defaults
J Gopikrishnan / March 20, 2026
Kolkata-headquartered UCO Bank ranks eighth among public sector banks in exposure to large corporate defaulters, with defaults totalling Rs. 1.11 lakh crore, according to TransUnion CIBIL data up to January 2026. The bank has filed 2,032 recovery cases across the country.
As per Reserve Bank of India guidelines, all public sector banks submit monthly lists of large defaulters, except Indian Bank, which has not filed such data for the past year.
The biggest defaulter for UCO Bank is the debt-laden Bhushan Group, including Bhushan Steel, Bhushan Power & Steel and Bhushan Energy, with 24 loans amounting to INR 13,787 crore. The group faces multiple insolvency proceedings, with total dues exceeding INR 90,000 crore across banks.
Among other major defaulters, Kolkata-based Concast Group accounts for INR 3,179 crore in dues. This is followed by REI Agro (INR 3,578 crore), Essar Group (INR 3,131 crore) and Dewan Housing Finance Corporation (INR 3,088 crore).
Other prominent defaulters include Castex Technologies (INR 2,664 crore), Coastal Energen (INR 2,418 crore) and companies of Anil Ambani’s Reliance Group-including Reliance Communications and Reliance Naval and Engineering-with combined dues of INR 2,341 crore.
Companies linked to former Congress MP L Rajagopal, including Lanco Infratech entities such as Lanco Vidarbha Thermal Power and Lanco Hills Technology, have defaulted INR 2,398 crore. Chennai-based Surana Group firms account for INR 2,387 crore.
Other firms facing recovery proceedings include Nagarjuna Oil Corporation (INR 2,123 crore), Visa Steel (INR 2,064 crore), Jaiprakash Associates (INR 2,059 crore), BRG Iron & Steel (INR 1,969 crore), Adhunik Metaliks (INR 1,778 crore) and Jindal India Thermal Power (INR 1,468 crore).
Era Infra Engineering has defaulted INR 1,478 crore. The Era Group, led by realtor Hem Singh Bharana, faces multiple cases over alleged cheating of homebuyers and is also under investigation by agencies including the Central Bureau of Investigation and Enforcement Directorate for alleged diversion of loan funds to British Virgin Island.
Other defaulters include Rabirun Vinimay (INR 1,350 crore), AMW Motors (INR 1,009 crore), Vandana Vidyut (INR 1,009 crore) and Monnet Power (INR 1,000 crore).
Other defaulters ranging between INR 600-INR 1,000 crore are GVK Power, Mumbai based companies Sunil Hitech Engineers, Jyoti Structures-Mumbai, Fair Deal Supplies Ltd limited by industrialist AC Muthiah, Hyderabad-based Sujana Towers, Jhabua Power, Gammon India. Hyderabad based companies Anrak Aluminum, Konaseem Gas Power, former TDP MP Rayapati Sambasiva Rao owned Transtroy India, Indu Projects, Icom Tele Limited — INR 621 crore — and Congress leader Kamal Nath’s family controlled Moser Baer India INR 5,06 crore.
Interestingly, fugitives Mehul Choksi and Nirav Modi owned Gitanjali Exports (INR 184 crore) and Venugpal Dhoot and former Shiv Sena MP Rajgopal Dhoot headed Videocon Industries (INR 155 crore) has shown mercy to UCO bank by taking relatively small loans, while plundering other PSU Banks in 10,000 of crores.
Part – 11
Large defaulters owe Bank of India Rs. 96,512 crore
J Gopikrishnan / March 23, 2026
Among the PSU banks with large defaulters, Bank of India (BOI) stands in ninth position with dues ranging to Rs. 96,512 crore. According to the data of the rating agency TransUnion CIBIL, up to January 2026, Bank of India has filed 2,833 suits in courts across the country for recovery from the big companies.
Bank of India’s biggest defaulter is Venugopal Dhoot, and his brother, former Shiv Sena MP Rajkumar Dhoot, headed Videocon Group. The group companies Videocon Oil Ventures and Videocon Industries took 15 loans ranging from INR9,606 crore. Videocon Group took loans from several banks, with the maximum of INR25,299 crore from the Central Bank of India.
The second largest defaulter of Bank of India is Kanpur-based Frost International with dues of INR4,235 crore. The company is now facing an insolvency case, and promoter Rajesh Bothra is charged by the CBI for bank fraud and siphoning of bank loans. The third largest defaulter is Rolta India Limited (INR3,190 crore), Rotomac Global (INR3,129 crore), followed by McNally Bharat Engineering (INR3,031 crore).
Insolvency, CBI, and ED cases facing Era Infra Engineering have three loans from Bank of India, totalling dues of INR2,682 crore. The company promoted by Hem Singh Bharana is facing more than 1,000 cases for cheating home buyers and also facing charges of siphoning of bank loans to the British Virgin Islands.
Other large defaulters of Bank of India are Mumbai-based Future Retail Limited (INR2,024 crore), Innoventive Industries (INR1,380 crore), Nagpur-based Gupta Coal India (INR1,370 crore), Delhi-based Castex Technologies (INR1,270 crore) and Hyderabad-based East Cost Energy (INR1,242 crore).
Defaulting companies with dues in the range of INR600 to INR1,000 crore are Nagarjuna Oil Corporation (INR992 crore), ECI Engineering & Construction (INR874 crore), and Mumbai-based Rajat Pharamchem (INR789 crore), Raipur-based Vandana Vidyut (INR786 crore), Anil Ambani’s Reliance Communication and Reliance Telecom (INR777 crore).
Other names figured in TransUnion CBIL’s large defaulters list include Rotomac Exports (INR720 crore), Bengaluru-based Cranes Software International (INR708 crore), Patna-based Shrenuj and Company (INR674 crore), Chennai-based Thalaivar Steels (INR652 crore), Ahmedabad-based Sadbav Engineering (INR637 crore) and Mumbai-based Ashapura Garments (INR614 crore).
The large defaulters list of Bank of India also includes all bank plunders like Lanco Group (INR375 crore), promoted by former Congress MP L Rajagopal and former TDP Rayapati Sambasiva Rao’s Transtroy (INR260 crore). Like other banks, Bank of India has no recoverable collateral from the companies in the large defaulter list, except these collapsed companies’ shares, which have no value now.
Part – 12
Indian Overseas Bank chases large defaulters to recover Rs. 30,861 crore
J Gopikrishnan / March 24, 2026
Among the 11 PSU banks with a total recovery from large defaulters crossing Rs. 29 lakh crore, Indian Overseas Bank’s (IOB) share is less when compared to the dues of others. As per the rating agency TransUnion CIBIL, up to January 2026, IOB has filed 1,029 suits to recover Rs. 30,861 crore dues from large defaulters.
Indian Bank is the only PSU bank that has not yet released its large defaulters list to the rating agencies for the past year. All other banks are updating their data on a monthly basis with TransUnion CIBIL.
IOB’s biggest defaulter is Kanpur-based Frost Infrastructure and Engineering, with standing loans at INR 2,371 crore. This company’s owner, Rajesh Bothra, settled in Singapore, was arrested by CBI in November 2025, when he landed in Delhi. CBI arrested him on the Punjab National Bank’s complaint of siphoning of loans abroad through fake shipping bills.
Apart from a series of shell firms, Bothra has three companies, namely Frost Infrastructure & Energy Ltd, Frost International Ltd, and Frost Global Ltd. These firms got around INR 5,000 crore from many banks, including the State Bank of India, Allahabad Bank, Oriental Bank of Commerce, Union Bank of India, and Bank of India.
The second biggest defaulter of IOB is another Kanpur-based company, Rotomac Global, with dues of INR 2,252 crore. The leading pen and pencil manufacturing company got into the radar of agencies after Mehul Choksi and Nirav Modi’s bank loan frauds came out in the public domain.
The Enforcement Directorate (ED) has already attached properties worth INR 500 crore. Rotomac promoted Vikram Kothari, and Rahul Kothari has taken loans from many banks, and the dues are more than INR 7,500 crore.
Tamil Nadu’s Namakkal-based Shubhasri Bio Energies is the third largest defaulter of IOB, with dues of INR 2.066 crore. Bankers’ connivance is visible in splitting loans into small amounts. This firm got 24 loans divided into small equal amounts. This loan splitting will lead to a series of civil recovery suits in courts.
Era Group’s Era Infra Engineering is the fourth largest defaulter of IOB with dues of INR 1,918 crore. Hem Singh Bharana, a promoter of a real estate companies, has plundered many PSU banks. This company is the largest defaulter of Union Bank with more than INR 75,000 crore in dues.
ED has found that Bharana has diverted the bank loans to the British Virgin Islands and is facing more than 1,000 cases for cheating home buyers.
Collapsed infrastructure funding company IL and FS’s dues are INR 1,041 crores, and a Delhi-based trading company Emmson International owes INR 1,068 crore to IOB.
Other notable reporters in the range of INR 600 crore to INR 1,000 crore are Punj Lloyd (INR 740 crore), JMD Oil (INR 667 crore), IVRCL (INR 623 crore) and Naresh Goyal’s grounded company Jet Airways. Videocon, which plundered many banks with 1000s of crores, has shown mercy to Indian Overseas Bank by taking only INR 481 crore.
Part – 13
Punjab & Sind Bank files Rs. 27,955 crore recovery suits against large defaulters
J Gopikrishnan / March 25, 2026
Punjab & Sind Bank has the lowest share of defaults among 11 PSU banks that together have a default of more than Rs. 29 lakh crore from large defaulters. Data from TransUnion CIBIL shows that, as of January 2026, the bank has filed 1,316 recovery suits involving dues of Rs. 27,955 crore from large defaulters. In contrast, Indian Bank has not shared its large defaulters’ list with rating agencies for the past one year. All other PSU banks are complying with Reserve Bank of India (RBI) norms by updating their data on a monthly basis with TransUnion CIBIL and other approved rating agencies.
Among Punjab & Sind Bank’s defaulters, Koutons Retail India tops the list with dues of INR 3,401 crore. The Delhi-based textile company, once a well-known brand, has largely collapsed. Bankers said the firm began incurring heavy losses in 2012, with recovery proceedings initiated about 12 years ago.
Thane-based Karanja Terminal and Logistics is the second-largest defaulter with INR 1,337 crore outstanding, followed by Orissa Manganese and Minerals with dues of INR 1,287 crore.
Jai Prakash Associates ranks fourth, owing INR 1,130 crore. The Noida-based real estate firm is facing insolvency proceedings and multiple homebuyer complaints. Recently, Adani Group won the bid to acquire the company for INR 14,000 crore, a move that has been challenged by Vedanta Group before the National Company Law Appellate Tribunal (NCLAT).
Other major defaulters include Mumbai-based Patil Construction with dues of INR 919 crore and Lanco Group, promoted by former Congress MP L. Rajagopal, which owes INR 749 crore. A staff member, Gurbir Singh, has been listed as a personal guarantor for Lanco Group’s loans.
Several other companies account for significant dues, including Chhapra Hajipur Expressways Limited of the Madhucon Group (INR 717 crore), Simhapuri Energy (INR 644 crore), Ludhiana-based SEL Manufacturing (INR 644 crore), Kolkata-based Concast Steel & Power (INR 633 crore) and Himachal Pradesh-based Indian Technomac Co Ltd (INR 623 crore).
Notable defaulters also include Pioneer Gas Power (INR 379 crore), Eskay Knit (INR 373 crore), Supertech Township (INR 357 crore), ATAM Industrial Products (INR 348 crore), Athena Chhattisgarh Power (INR 328 crore) and Aman Hospitality (INR 21 crore).
Interestingly, some high-profile defaulters of PSU banks have relatively limited exposure to Punjab & Sind Bank. Reliance Naval, linked to Anil Ambani, owes INR 178 crore, while Gitanjali Gems, associated with Mehul Choksi and Nirav Modi, availed five loans totalling INR 125 crore. Era Group, led by Hem Singh Bharana, owes INR 123 crore to the bank, despite having borrowed much larger amounts from other lenders. The bank has also filed a recovery suit for INR 103 crore against Vijay Mallya’s Kingfisher Airlines.