miscellinous cartoon
miscellinous cartoon

Not only Nirav Modi and Vijay Mallya, Meet other Indian fugitives owing Rs 40,000 crore

These people, tracked by the Enforcement Directorate and Central Bureau of Investigation (CBI) in 15 different cases, collectively owe more or less, Rs 40,000 crore to many banks and public institutions in India.

The list of fugitives that the ministry of external affairs submitted in the Lok Sabha on Wednesday includes some well-known names and some not-so-well-known ones.

Among the well-known names are Mallya and Nirav Modi; his wife Ami Modi, brother Neeshal Modi and uncle Mehul Choksi, named in the Rs 12,636 crore fraud at PNB; Jatin Mehta of Winsome Diamonds, who owes Rs 7,000 crore; former IPL chief Lalit Modi, accused in fraud of Rs 125 crore from the BCCI; and Sterling Biotech Ltd directors Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara for supposed bank fraud of Rs 5,000 crore.

The lesser-known names include Ashish Jobanputra, owner of textile export firm ABC Cotspin Pvt. Ltd, and his wife in a bill reduction scam of Rs 770 crore and for causing losses to banks; diamond merchant Ritesh Jain for unlawfully taking Rs 1,500 crore out of the country; Surender Singh, Angad Singh and Harsahib Singh for cheating and illegal plan; Sabhya Seth for a fraud of Rs 390 crore against Oriental Bank of Commerce; and Sanjay Bhandari for alleged tax avoidance of Rs 150 crore.

Nilesh Parekh of Shree Ganesh Jewellery House, charged of a Rs 2,223 crore bank fraud, was in detention by CBI last year after he revisit to India to join the probe. There is small to no public information about the rest of the names.

Experts utter, legislation to target escapee economic crooks will act as a deterrent and could also be used on second thoughts in some cases. Also the huge capital can be managed to return to the respective banks and financial institutions of India and can be used properly for the growth of the nation.