In the high-stakes world of global finance and corporate power, a handful of Indian tycoons have vaulted into infamy—not for business acumen, but for their alleged roles in staggering frauds and bank scams. These individuals, including Vijay Mallya, Nirav Modi, Mehul Choksi, Lalit Modi and others, now top the list of India’s most wanted economic offenders. Their stories read like geopolitical thrillers: sudden disappearances, legal entanglements across borders, and multi-crore asset seizures. Some defrauded public banks of tens of thousands of crores, others disappeared into countries with limited extradition treaties, turning the judicial pursuit into international chess matches.
Here’s a deep dive into who they are, what they are accused of, where they are currently based, and why their return has become both a legal and diplomatic priority. Their cases have triggered legislative change, dramatically reshaping India’s approach to financial accountability. In this blog, we explore the human drama, legal complexities, and why these men remain at the center of India’s battle for economic justice.
Table of Contents
India’s Most Wanted Economic Offenders – Scams, Escapes & Extradition
At the heart of India’s economic crime saga are a small number of fugitives whose actions—whether through fraudulent letters of undertaking or mass defaulting—have impacted national confidence, bank solvency, and global cooperation. Their escapes, trials, and asset recoveries highlight both institutional failures and evolving frameworks for international accountability.
Vijay Mallya: The Flight of the “King of Good Times”
Vijay Mallya once occupied the enviable space where celebrity, business, and politics converged. With his flamboyant lifestyle—IPL ownership, luxury yachts, and high-profile socializing—he earned the title “King of Good Times.” But behind the facade lay defaults amounting to ₹7,505 crore owed to Indian banks. In 2016, sensing impending legal pressure, he fled to the UK. Labeled a Fugitive Economic Offender in 2019, Mallya is embroiled in a prolonged legal tussle over extradition, with Britain continually extending legal protections despite India’s demands.
Nirav Modi & Mehul Choksi: The Diamond Duo
Nirav Modi, along with his uncle Mehul Choksi, spearheaded one of India’s largest-ever financial frauds—PNB’s ₹14,000+ crore scam through fake LoUs. Nirav fled the country in early 2018 and was arrested in London in 2019; extradition is pending trial. Choksi, meanwhile, fled to Antigua and Barbuda, obtaining citizenship via a “citizenship-by-investment” route in 2017. From Antigua, he allegedly reappeared in Dominica and was arrested in Belgium in April 2025. Despite India’s extradition request, Choksi remains entangled in legal wrangling across three nations.
Lalit Modi: Cricket’s Exiled Maestro
Credited with revolutionizing India’s IPL, Lalit Modi is now living in self-imposed exile in the UK, having fled amid ₹1,700 crore allegations involving illegal foreign exchange deals and broadcasting rights. An extradition request has been on the table since 2018, but his asylum near-ruled legal status continues to shield him. His case straddles sports administration, media rights, and financial irregularity.
The Broader Roster: Sandesaras, Methas & Others
Beyond the big names, the Fugitive Economic Offenders Act of 2018 lists nearly 28 individuals responsible for cumulative defaults exceeding ₹40,000 crore. These include the Sandesara brothers (₹5,383 crore), Mehta (₹6,580 crore), the Parekh group (₹2,672 crore), and others like Ramalinga Raju, known for the Satyam Computers scam of ₹7,136 crore, though he served his sentence. Some, like Vinay Mittal and Sunny Kalra, were extradited and are facing trial.
Table: India’s Top Fugitive Economic Offenders
| Name | Alleged Scam (₹ Crore) | Current Location | Extradition Status |
|---|---|---|---|
| Vijay Mallya | 7,505 | UK | Extradition pending |
| Nirav Modi | 6,498 (PNB scam) | UK jail | Extradition in progress |
| Mehul Choksi | 7,080 (PNB scam) | Belgium / Antigua | Arrested, multiple legal proceedings |
| Lalit Modi | 1,700 | UK | Extradition request filed |
| Sandesara Brothers | 5,383 | Nigeria | No treaty, enforcement ongoing |
| Mehta | 6,580 | St Kitts & Nevis | No treaty, remains outside |
| Parekh Family | 2,672 | Dubai / Kenya | Not extradited |
| Raju (Satyam scam) | 7,136 | In India (jailed) | Convicted and sentenced |
| Mittal, Kalra | 40 / 10 respectively | Indonesia / Oman | Extradited and facing trial |
FAQs
Q1: What is a Fugitive Economic Offender?
A Fugitive Economic Offender (FEO) is someone who owes at least ₹100 crore, faces specific economic crime charges, and evades Indian legal processes by staying abroad. The 2018 Act allows for asset seizure and confiscation if convicted.
Q2: Have any offenders been brought back to India?
Yes. Vinay Mittal (Indonesia) and Sunny Kalra (Oman) were extradited and are undergoing trial. Others—Mallya, Nirav Modi, Choksi, the Sandesaras—remain abroad due to complex legal and diplomatic barriers.
