In what’s being called the largest scam in India’s banking history, Punjab countrywide bank has been allegedly duped of Rs 11, 300 crores, which accounts to roughly 1.8 million USD and the primary accused, diamond merchant Nirav Modi, has already left the country.
Modi’s firm and others took cash from other public and private sector banks including Allahabad bank and Axis bank on the idea of a fake Letter of Understandings, which was issued by PNB officials.
The transactions had been occurring since last seven years, where officials are suspected to be hand in glove and it is most effective now those dubious transactions got here to light.
Since Nirav Modi has fled the country even before the bank could lodge an FIR, he is now the latest addition in the list with the likes of Vijay Mallya who have siphoned off a lot of exchequer’s money.
Here is the list of financial fugitives who have been out of India and the country hasn’t been able to extradite them to bring them before the law.
1. Nirav Modi
The accused of PNB scam, diamond merchant Nirav Modi is said to have fled the country and gone to Switzerland. The companies of the diamond service provider and others are accused of fooling the banks and exchequer Rs.11, 300 crore that’s one-third of the full incomes of PNB that’s the second one largest public quarter bank. Nirav, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother, and business partner Choksi on January 31 for allegedly cheating the state-run Punjab National Bank to the tune of Rs 280 crore.
2. Vijay Mallya
Perhaps the most famous financial offender India has seen in so far. The UB group honcho and owner of Kingfisher Airline is a fugitive and has to return over Rs 9,000 crore to various banks. India has been trying hard to arrest him for the last one year, but the UK government is not handing him over.
3. Lalit Modi
The former cricket administrator who ran the show of Indian Premier League (IPL) for the first three years, Lalit Modi was accused using his clout with politicians especially Rajasthan CM Vasundhara Raje for buying shares in various companies to get undue financial advantages. He is accused of money laundering under the garb of being a cricket administrator.
4. Sanjeev Chawla
Sanjeev Kumar Chawla is the key accused in the match-fixing scandal that rocked Indian cricket in 2000. Chawla has been living in London ever since. However, he was arrested by the UK at the request of Delhi Police but he cited security concerns in India if at all UK extradites him to India.
In the charge sheet filed by Delhi Police in July 2013, Chawla was named the main accused alongside the then South African skipper Hansie Cronje of fixing matches played between India and South Africa between February and March in 2000.
The scandal came to light in April 2000 after Delhi Police got hold of the taped conversation between Cronje and Chawla.
5. Christian Michel
Michel is the alleged middleman in the deal of Agusta-Westland choppers. He is accused of siphoning off Rs 135 crore paid by Agusta for buying back discarded helicopters from Pawa Hans, but ED claims that Pawan Hans didn’t sell any discarded copter to Michel’s company. This money is seen to be used for greasing palms of politicians to grab the deal. The absconding British businessman is one of the three middlemen allegedly involved in the scam revolving around payment of bribes to secure an Indian contract for twelve AW-101 helicopters worth euro 556 million (currently Rs 4,195 crore).