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5 Business tycoons accused of looting India and fleeing the country

It was so easy for some businessmen to flee the country without having to worry about their futures and they are safe now. The businessmen who allegedly looted India of crores of rupees and left the country move to the UK because it has strict extradition laws.

Even at the request of India police, these people cite security concerns as an excuse. So far, India have been trying hard to extradite them over but the UK government isn’t handing them over. Let’s take a glimpse at the five accused who did fraud work and left India.

#5. Christian Michel

Credits: NDTV.com

Christian Michel is another alleged person who is involved in infamous cases. He was involved in a scam of Rs.135 crore in the deal of Agusta-Westland choppers. He is accused of stealing the money paid by Agusta for buying back 14 discarded WG-30 helicopters from Pawa Hans, but ED claims that Pawan Hans didn’t have any agreement to sell any discarded copter to Michel’s company. He then escaped with money as Pawan Hans hadn’t made any such agreement or dealing with Michel.

This staggering money is witnessed to be used for bribing politicians to seize the deal. The escaping British businessman is one of the three middlemen allegedly involved in the infamous scam revolving around payment of bribes to seal an Indian contract for twelve AW-101 helicopters worth euro 556 million (Rs 4,195 crore).

#4. Sanjeev Chawla

Credits: India Today

Sanjeev Kumar Chawla is the main accused in the infamous match-fixing scandal that stunned Indian cricket in the year 2000. If you have been keenly following the bat-ball game, then you must have heard about the South African skipper Hansie Cronje’s fixing case.

Sanjeev was involved in that case and he also flew away from India and jetted off to the UK. He was arrested and put behind the bars by the UK at the request of Delhi Police but he pointed security concerns in India if at all UK hands him over to India.

In the charge sheet lodged by Delhi Police in July 2013, Chawla was highlighted as the ‘main accused’ with the then Protea captain Hansie Cronje of fixing matches scheduled between India and South Africa between February and March in 2000. The scandal got exposed in April 2000 after Delhi Police seized the taped conversation between Hansie Cronje and Sanjeev Chawla.

#3. Lalit Modi

Credits: The First Post

Lalit Modi was the popular figure in the cash-rich Indian Premier League. If you have been following IPL, then you would have known about him. He is the former cricket administrator who ran the captivating IPL for the first 3 years i.e from 2008 to 2010. The accused was involved in many cases with a fraud of a whopping amount of Rs 7000 crores and IPL scam of 435 crores. So far, several attempts have been made to get him back to India.

Lalit Modi was accused of using his influence to speak with politicians, in particular, Rajasthan CM Vasundhara Raje for buying shares in several companies to get excessive financial advantages. In addition to that, he is accused of money laundering of being a cricket administrator.

#2. Vijay Mallya

Vijay Mallya (Credits: Business Today)

The 62-year-old is an Indian Konkani entrepreneur and a former politician who was once elected as the member of parliament for a short term of 1 year. Mallya inherited his dad’s business and from then his venture started. He is the ex-chairman of Indian’s largest spirits company and is also the co-owner and Team Principal Sahara Force India Formula 1.

The escaping business magnate who is well known for his lavish culture and extraordinary lifestyle empathises in alcohol beverages, aviation infrastructures, real estates, and fertilizers. The Indian liquor tycoon and an ex Rajya Sabha MP, Mallya, founded Kingfisher Airlines in the year 2003. Kingfisher Airlines got its identity from United Breweries Group’s flagship beer brand, Kingfisher. However, this project got Vijay Mallya in big trouble.

Since his arrest in April 2017, the tycoon is on bail and is fighting extradition to India on charges of alleged fraud and money laundering. The UB group honcho and owner of Kingfisher Airline who disappeared has to return over Rs 9,000 crore to various banks. India has been working hard to hand over him for the last one year, but the UK government is not sending him over.

#1. Nirav Modi

Credits: Forbes

The diamond merchant Nirav Modi, who is accused of infamous Punjab National Bank (PNB) scam, is the biggest among all corporate giants. He is believed to have escaped India and travelled to Switzerland before an FIR was filed against him.

The enterprises of Nirav Modi and others are accused of deceiving the bank and exchequer Rs. 11,300 crore, which is one-third of the overall earning of PNB, which is the 2nd largest public sector bank.

Nirav, a frequent feature on the lists of rich and famous Indians since the year 2013, was booked by the Central Bureau of Investigation (CBI), along with wife, brother and business partner Choksi on January 31 for allegedly duping the state-run Punjab National Bank to the tune of over Rs 280 crore.

Written by Chaithanya G

Hailing from Chennai, Chaithanya G is the Managing Director of TheYouth. He has dedicated his whole life to reading and writing.

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