Indian Court Declares Amira Foods Executives Fugitive Economic Offenders in ₹1,200 Crore Bank Fraud Case
An Indian special court has declared two top executives of Amira Pure Foods Private Limited as fugitive economic offenders in connection with a massive bank fraud case involving approximately ₹1,201.85 crore ($145 million). The court's order, dated February 6, 2026, directs the confiscation of assets worth ₹123.85 crore belonging to Karan A. Chanana, the company's Chairman and Managing Director, and Anita Daing, its Whole-Time Director.
Background and Context
The case centers on allegations that the Amira Foods Group, through its directors and employees, committed fraud, criminal breach of trust, and misappropriation of funds. The company had availed substantial bank loans and cash credit facilities from a consortium led by Canara Bank, with the accounts subsequently turning into non-performing assets (NPAs) in 2017. The Enforcement Directorate (ED), India's financial crime-fighting agency, initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation under various provisions of the Indian Penal Code, 1860.
Key Figures and Entities
According to court filings, Karan A. Chanana and Anita Daing have left India and are believed to be residing in the United Kingdom and the United Arab Emirates, respectively. The ED informed the court that both individuals are evading prosecution by remaining outside Indian jurisdiction. The investigation has identified 21 individuals, companies, and entities allegedly involved in laundering the proceeds of crime, against whom a Prosecution Complaint has been filed. Non-bailable warrants of arrest and Look-Out Circulars have been issued against the accused, with an Interpol Silver Notice recently secured against Chanana to trace and freeze his assets worldwide.
Legal and Financial Mechanisms
The declaration under the Fugitive Economic Offenders Act, 2018 (FEOA) enables authorities to confiscate properties of economic offenders without waiting for conviction, subject to judicial determination. The ED has attached properties identified as proceeds of crime under the Prevention of Money Laundering Act, 2002 (PMLA), with total attachments in the case amounting to ₹131.51 crore, which has been confirmed by the Adjudicating Authority. The court's order represents a significant step in India's efforts to combat economic offenses and hold accountable those who flee to avoid prosecution.
International Implications and Policy Response
The case highlights the challenges of pursuing economic offenders across borders and the importance of international cooperation in financial crime investigations. The use of Interpol's Silver Notice mechanism demonstrates the growing global response to financial crimes and asset concealment. Indian authorities have reiterated their commitment to pursuing economic offenders who evade Indian law by staying abroad and to ensuring confiscation of assets derived from alleged financial crimes. This case may strengthen calls for greater international coordination in addressing transnational financial crimes and improving mechanisms for asset recovery.
Sources
This report draws on court order documents from the Special Court (PMLA/FEOA) at Rouse Avenue District Court, Enforcement Directorate press releases, and information from the Central Bureau of Investigation. Key legal frameworks referenced include the Fugitive Economic Offenders Act, 2018 and the Prevention of Money Laundering Act, 2002.
