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How much fugitive economic offenders owe to banks & other financial institutions

Chaitra Anand
·2-min read

A fugitive economic offender can run, can hide, can evade punishment, but certainly cannot live a respectable life having escaped the long arm of the law.

A Fugitive Economic Offender (FEO) is any individual against whom a warrant for arrest in relation to a ‘scheduled offence’ has been issued by any Indian court under the Fugitive Economic Offenders Act. It applies to individuals who either left India to avoid criminal prosecution, or are abroad and refuse to return to India to face criminal prosecution.

Many of these FEOs were once some of the most sought after and revered people in business, but their mismanagement of finances owing to overconfidence, miscalculations, greed or sheer arrogance has cost them big and cost banks and other financial institutions even more dearly, which in turn is the common man’s money.

Here is a list of fugitive economic offenders and how much they have be accused of swindling:

1. Vijay Mallya

Accused company name: Kingfisher Airlines Ltd

Amount swindled (In crores): Rs 7,505 crore

Lives in: United Kingdom

Extradition status: Not extradited

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2. Mehul Choksi

Accused company name: Gitanjali group (Gitanjali Gems Ltd, Gili Jewellery, D'damas, Nakshatra World Ltd)

Amount swindled (In crores): Rs 7,080 crore

Lives in: Antigua

Extradition status: Not extradited – India does not have an extradition treaty with Antigua, but India is trying to bring back Choksi under the provisions of the 1993 Extradition Act of Antigua and Barbuda, which provides for extradition of a fugitive to a designated Commonwealth country.

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3. Jatin Metha

Accused company name: Winsome Diamonds and Jewellery Ltd, Precious Jewellery and Diamond and Su-Raj Diamonds

Amount swindled (In crores): Rs 6,580 crore

Lives in: St Kitts and Nevis

Extradition status: Not extradited – India does not have an extradition treaty with St Kitts and Nevis

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4. Nirav Modi

Accused company name: Firestar Diamond Ltd and Nirav Modi Ltd

Amount swindled (In crores): Rs 6,498 crore

Lives in: United Kingdom

Extradition status: Not extradited – extradition is in progress

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5. Nitin Sandesara and Chetan Sandesara

Accused company name: Sterling Biotech Ltd and PMT Machines

Amount swindled (In crores): Rs 5,383 crore

Lives in: Nigeria

Extradition status: Not extradited

*****************

6. Umesh Parekh, Kamlesh Parekh and Nilesh Parekh

Accused company name: Shree Ganesh Jewellery House Ltd

Amount swindled (In crores): Rs 2,672 crore

Lives in: Dubai; Kenya

Extradition status: Not extradited

*****************

7. Lalit Modi

Accused company name: Modi Enterprises Ltd

Amount swindled (In crores): Rs 1,700 crore

Lives in: United Kingdom

Extradition status: Not extradited – extradition process is on

Also read:

Inputs: Wikipedia, Agencies