List of Fugitive Economic Offenders in India: Vijay Mallya, Nirav Modi, others

On July 11, the Supreme Court handed down a four-month term in a contempt case against fugitive tycoon Vijay Mallya, who was charged in a bank loan default case involving his disbanded Kingfisher Airlines and a debt of over ₹9,000 crore. Mallya was also given a ₹2,000 fine by a court panel presided over by Justice U U Lalit. "Adequate punishment is a must. Mallya didn't show any remorse," the top court bench said.

Mallya is considered a Fugitive Economic Offender (FEO):a person for whom an arrest warrant has been issued in connection with the commission of an offence enumerated in the Act that has a minimum financial impact of Rs. 100 crore is called an FEO.

Money laundering, forging official stamps or money, dishonouring checks and activities that mislead creditors are some of the offences that are included in the FEO legislation. Vijay Mallya, however, is not the only FEO in India. Here are other such people who fall into the same category.

Hajra Iqbal Memon

In 2021, Hajra Memon, the widow of the deceased gangster Iqbal Mirchi, and her sons Asif and Junaid were designated as an FEO. Mirchi was regarded as wanted terrorist Dawood Ibrahim's right-hand man. Memons has been charged with using money gained illegally to purchase real estate all across Mumbai. In the case, the ED had attached assets worth ₹800 crore up until 2021. The family resides abroad, but it is mostly unknown where they are.

Lalit Modi

The Indian Premier League (IPL) was first made popular by Lalit Modi. When Lalit was the IPL Commissioner, the scam occurred. Then Multi Screen Media Limited (MSM) (now Sony Pictures Networks India) approached the BCCI following the media rights auction. It announced that World Sports Group (WSG) Mauritius has been given the media rights to broadcast the IPL. However, between BCCI and WSG, there was no such arrangement. Lalit Modi alone negotiated these contracts and, as per reports, he might have received ₹125 crore. He is now in the UK looking for refuge.

Also Read: 5 things to know about fugitive economic offenders

Nitin J. Sandesara and others

Owner of Gujarat-based Sterling Biotech, Nitin J. Sandesara has been designated a FEO due to his default on the ₹5,000 crore loaned to Andhra Bank. The swindle ended up costing R 81,000 crore. In this case, Hitesh Narendrabhai Patel, Dipti Sandesara, and Chetan Sandesara are also charged.

Nirav Modi

Jeweller and fashion designer Nirav Modi is charged with defrauding Punjab National Bank (PNB) of ₹14,000 crore in one of the largest banking frauds in Indian history. Modi imported pearls into India using phoney letters of undertaking (LoUs). Later, it came to light that Modi's LoUs had also been provided by PNB's Brady House branch in Fort, Mumbai, in violation of the law. He is currently seeking political asylum in the UK.

Neeshal Modi

Nirav Modi's brother is Neeshal Modi, married to Mukesh and Anil Ambani's niece, Isheta Salgaocar. He is also charged with participating in the PNB Scam. In 2018, the CBI requested that the Ministry of Home Affairs extradite him from his country of citizenship, Belgium. He is said to be the beneficiary owner of numerous LoUs and fictitious businesses. He wrote to the Enforcement Directorate (ED) in 2020 to distance himself from Mehul Choksi and Nirav Modi.

Mehul Choksi

Nirav Modi's uncle Mehul Choksi was a part of the PNB scam. He was the proprietor of the retail jewellery company Gitanjali Group. In addition to corruption and criminal conspiracy, he is accused of money laundering and criminal breach of trust. Since 2018, he has resided in Antigua and Barbuda, where he is now a citizen. He vanished from the nation in 2021 and then reappeared in Dominica. He was turned away from the nation.

Vinay Mishra

After a Delhi court pronounced former Trinamool Congress (TMC) youth wing leader Vinay Mishra to be a "proclaimed offender," the ED is prepared to begin (FEO procedures against him. This will make it possible for the organisation that looks into financial crimes to seize Mishra's properties abroad.