Meet The 10 Fugitive Economic Offenders Declared By Courts Since 2018

The Centre on Tuesday informed the Rajya Sabha that ten people, including liquor baron Vijay Mallya and diamond merchant Nirav Modi, have been declared fugitive economic offenders by courts since 2018.

In a written reply, Minister of State (MoS) for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) has filed FEOA applications against 19 people till now. Of them, he said, 10 people -- Vijay Mallya, Nirav Modi, Nitin Jayantilal Sandesara, Chetan Jayantilal Sandesara, Dipti Chetan Jayantilal Sandesara, Hitesh Kumar Narendrabhai Patel, Junaid Iqbal Memon, Hajra Iqbal Memon, Asif Iqbal Memon and Ramachandran Vishwanathan -- have been declared as fugitive economic offenders by courts.

The Fugitive Economic Offenders Act (FEOA) was enacted by the Narendra Modi government in 2018 to crack down on those who are charged with high-value economic fraud and abscond from the country to evade the law.

According to Chaudhary, the total amount of fraud involved in these cases surpasses Rs 40,000 crore. Up to the present date, assets worth Rs 15,113.02 crore have been seized under the Prevention of Money Laundering Act and returned to public sector banks in cases related to the Fugitive Economic Offenders Act (FEOA).

Additionally, the minister stated that assets amounting to Rs 873.75 crore have been "confiscated" under the FEOA in connection with the aforementioned fugitive economic offenders.

Meet The 10 Fugitive Economic Offenders Declared By Courts Since 2018

Nitin Jayantilal Sandesara, Chetan Jayantilal Sandesara and Dipti Chetan Jayantilal Sandesara: Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, and Hitesh Patel are directors of Sterling Biotech Ltd, a pharmaceutical company based in India. They have been embroiled in a major financial scandal involving fraud and money laundering. The company and its directors were accused of defaulting on loans and diverting funds, resulting in significant losses to banks and financial institutions. Nitin Jayantilal Sandesara, the director of Sterling Biotech, is involved in a controversy surrounding his company's alleged Rs 5,000 crore loan default from a consortium of banks. He holds multiple positions in different companies and is responsible for the group's strategy and business development. The Sandesara family owns various businesses, including real estate and oil wells in Nigeria. Nitin and his brothers are accused of fraud and have reportedly fled the country, evading the authorities in Nigeria. Initial reports of his arrest in Dubai were later denied, but Indian investigation agencies are seeking Interpol Red Corner Notices against him and his family members.

Hitesh Kumar Narendrabhai Patel: Hitesh Narendrabhai Patel, a fugitive businessman wanted in an Rs 8,100 crore bank fraud involving Sterling Biotech and Sandesara Group, allegedly ran benami entities to siphon off loans obtained from financial institutions. He and his family members were made directors and shareholders of several such firms by Sandesara group promoters, Nitittn and Chetan Sandesara. Hitesh was detained in Albania based on Interpol's Red notice. These benami companies were used for manipulative trading, and funds obtained through bank loans were laundered through them to inflate turnover and profits of the flagship company. The complex web of transactions involved multiple entities to camouflage money laundering.

Vijay Mallya: Vijay Mallya is an Indian businessman and former Member of Parliament. Born on December 18, 1955, he was the chairman of United Breweries Group and Kingfisher Airlines. He inherited his father's business empire and successfully expanded it. However, in the mid-2010s, he faced financial troubles and accusations of financial misconduct. Mallya was accused of defaulting on loans and was involved in legal battles with Indian authorities. He left India in 2016 and has been residing in the United Kingdom since then, fighting extradition to India to face charges related to money laundering and fraud.

Nirav Modi: Nirav Modi is an Indian jeweller and entrepreneur born on February 27, 1971. He is the founder of the Nirav Modi brand, which gained international recognition for its high-end diamond jewellery. However, in 2018, he became the centre of a major financial scandal when it was revealed that he was involved in a massive fraud at Punjab National Bank (PNB). Modi and his associates allegedly colluded with bank officials to obtain fraudulent letters of undertaking and credit facilities, resulting in losses of billions of rupees to the bank. He fled India in early 2018 and has been subject to extradition proceedings in the United Kingdom.

Asif Iqbal Menon and Junaid Iqbal Menon (Late Iqbal Mirch's family): Asif Iqbal Menon, Junaid Iqbal Menon, and Hajra Iqbal Menon are the family members of the late Iqbal Mirchi, a notorious underworld figure with links to organized crime. The family has faced scrutiny due to their association with Iqbal Mirchi. Iqbal Mirchi was a close associate of the underworld don, Dawood Ibrahim. After his death in 2013, his family faced investigations related to money laundering and alleged involvement in illegal activities.

Hajra Iqbal Memon: In 2021, Hajra Iqbal Memon, the widow of the deceased gangster Iqbal Mirchi, along with her sons Asif and Junaid, were declared as Fugitive Economic Offenders (FEO). Iqbal Mirchi had been recognized as a close associate of the wanted terrorist Dawood Ibrahim. The Memons faced charges of utilizing illegally acquired funds to purchase real estate properties across Mumbai.

In connection with the case, the Enforcement Directorate (ED) had seized assets amounting to Rs 800 crore as of 2021. Presently, the Memons are residing abroad, and their whereabouts remain largely unknown.

Ramachandran Viswanathan: Ramachandran Viswanathan, an Indian-origin businessman and founder of Devas Multimedia, has been declared a fugitive economic offender for allegedly amassing substantial proceeds through his company and diverting them for personal gains. The case involves accusations of money laundering, where Viswanathan and eight others are accused of diverting 85per cent of the startup's foreign direct investment to the US following a 2005 deal with ISRO.

As a result of these actions, Devas' satellite deal was canceled in 2011, leading to arbitration tribunals awarding more than a billion dollars in compensation to the company and its foreign investors. In May 2021, the National Company Law Tribunal ordered Devas' liquidation, a decision later upheld by the Supreme Court.

In connection with the Fugitive Economic Offenders Act, the Bengaluru special court has confiscated the attached properties of Ramachandran Viswanathan.