The Indian authorities have lengthy pursued Choksi, who has been formally declared a Fugitive Economic Offender (FEO). Nonetheless, Choksi shouldn’t be the just one on that infamous list, as a number of different high-profile folks additionally face related expenses and are beneath the radar of Indian enforcement companies.
Fugitive diamantaire Mehul Choksi has been arrested in Belgium, in keeping with official sources on Monday. The arrest came about on Saturday (April 12) and comes in response to a proper extradition request filed by India’s investigative companies — the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
Choksi, a key accused in the Rs 13,500 crore Punjab Nationwide Financial institution (PNB) mortgage fraud case, is the second prime suspect to face authorized motion after his nephew and co-accused Nirav Modi. Whereas Modi stays in UK custody battling his personal extradition, Choksi had been dwelling in Antigua since 2018 after fleeing India. He was reportedly traced to Belgium final 12 months beneath the pretext of searching for medical remedy, which finally led to his arrest.
The Indian authorities have lengthy pursued Choksi, who has been formally declared a Fugitive Economic Offender (FEO). Nonetheless, Choksi shouldn’t be the just one on that infamous list, as a number of different high-profile people additionally face related expenses and are beneath the radar of Indian enforcement companies.
Listed below are different such individuals who fall into the similar class:
Nirav Modi: The jeweller-turned-fugitive is a central determine in one of India’s largest banking scandals, accused of defrauding Punjab Nationwide Financial institution (PNB). Identified for his luxurious diamond creations and high-end clientele, Modi allegedly orchestrated a complicated scheme by importing pearls into India utilizing fraudulent Letters of Endeavor (LoUs). Investigations later revealed that these LoUs have been illegally issued by PNB’s Brady Home department in Fort, Mumbai — a breach that uncovered main loopholes in banking oversight. Modi, who fled India as the scandal unraveled, is at the moment combating authorized proceedings in the United Kingdom, the place he’s searching for political asylum.
Neeshal Modi: The youthful brother of Nirav Modi, has additionally come beneath the scanner for his alleged involvement in the large Punjab Nationwide Financial institution (PNB) rip-off. Accused of being a key beneficiary in the fraudulent transactions, Neeshal is believed to have owned a number of doubtful firms and benefited from a number of Letters of Endeavor (LoUs) at the coronary heart of the Rs 13,500 crore banking fraud. In 2018, the CBI formally requested the Ministry of House Affairs to provoke extradition proceedings towards him from Belgium, his nation of citizenship. In an obvious try to clear his title, Neeshal wrote to the ED in 2020, attempting to dissociate himself from his notorious relations—Mehul Choksi and Nirav Modi. Regardless of his efforts, he stays beneath investigation as authorities proceed to untangle the net of deceit that shook India’s banking sector.
Vijay Mallya: As soon as generally known as the flamboyant liquor baron and founder of the now-defunct Kingfisher Airways, he continues to be at the heart of a high-stakes authorized storm. Declared a fugitive economic offender, Mallya faces expenses linked to an enormous financial institution mortgage default case, with unpaid dues exceeding rS 9,000 crore. The monetary mess left in the wake of Kingfisher Airways’ collapse in 2012 triggered a chronic authorized tussle, not solely with Indian authorities but additionally with a consortium of banks making an attempt to get better their dues. Presently residing in the United Kingdom, Mallya has been locked in a prolonged extradition battle as Indian enforcement companies push to carry him again to face trial.
Lalit Modi: The architect of the Indian Premier League (IPL), he performed a key function in turning cricket into a worldwide leisure spectacle. Nonetheless, his tenure as IPL Commissioner can be marred by severe allegations of monetary misconduct. The controversy traces again to the early days of the IPL when Multi Display screen Media Restricted (now Sony Photos Networks India) approached the BCCI after the media rights public sale. It was introduced that World Sports activities Group (WSG) Mauritius had secured the broadcast rights for the league — however investigations later revealed that no official settlement existed between BCCI and WSG. Lalit Modi had allegedly independently negotiated these high-stakes contracts, and stories counsel he could have pocketed a staggering Rs 125 crore in the course of. Amid mounting scrutiny and authorized warmth, Modi left India and is at the moment residing in the United Kingdom, the place he’s reportedly searching for refuge.
Hajra Iqbal Memon: She is the widow of the late gangster Iqbal Mirchi. She, alongside together with her sons Asif and Junaid Memon, was declared a Fugitive Economic Offender in 2021. Iqbal Mirchi, generally known as a detailed affiliate of India’s most needed terrorist Dawood Ibrahim, had lengthy been beneath the radar of enforcement companies. The Memon household stands accused of utilizing illicit funds to amass a number of high-value properties throughout Mumbai, forming a major half of a sprawling actual property empire allegedly constructed on black cash. By 2021, the Enforcement Directorate had hooked up property value Rs 800 crore in reference to the case. Although the household is understood to be dwelling overseas, their precise location nonetheless stays a thriller.
What’s a Fugitive Economic Offender?
A Fugitive Economic Offender (FEO) is an individual towards whom an arrest warrant has been issued in reference to a scheduled economic offence involving a price of Rs 100 crore or extra, and who has both left India to keep away from felony prosecution or refuses to return to face authorized proceedings. The idea was launched beneath the Fugitive Economic Offenders Act, 2018, which was enacted to discourage economic offenders from evading the Indian authorized system by taking refuge overseas.
As soon as an individual is said an FEO by a particular courtroom beneath this legislation, the authorities are empowered to confiscate their properties and property, each in India and abroad, with out ready for a conviction. The Act goals to deal with instances involving severe monetary crimes like fraud, cash laundering, and tax evasion.
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