5 Big Fraud And Money Laundering From Banks In India

Nirav Modi is not the first person to flee the country on charges of fraud and money laundering from banks. This list starts from Lalit Modi and goes through Vijay Mallya to Nirav Modi and Mehul Chowki. You are Reading 5 Big Fraud And Money Laundering From Banks In India

Accused Nirav Modi has escaped from the country after the fraud of exposing thousands of crores of rupees in Punjab National Bank. The same is being said about his colleague Mehul Chowkasi. Nirav Modi and Mehul Choksi are not the first to flee the country on charges of fraud and money laundering from banks. Even before this, many such big names have come out, who have escaped from the country after the names in such cases.The list starts with Lalit Modi passing through Vijay Mallya and Sanjay Bhandari to Nirav Modi and Mehul Choksi.
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1.Nirav Modi -> Money Laundering

Money Laundering

Nirav Modi’s name has emerged in the biggest scam of the country’s banking industry. The scam is said to be worth about $ 177.17 million, or Rs 11,356 crore. In this case, CBI and ED have raided several locations of Nirav Modi. But Nirav Modi has managed to escape from the country. It is currently being reported in Switzerland.

48-year-old diamond businessman Nirav Modi is a well-known name in the diamond business. His brand diamonds have been increasing the brightness of Hollywood to Bollywood stars. Nirav comes from a large diamond broker family in Antwerp, Belgium, known as the Diamond Capital of the World. Nirav’s design jewelery costs crores.One of Nirav’s company names is Firestar Diamond and the other is brand Nirav Modi. Nirav is said to be the owner of assets worth around Rs 12,000 crore, while his company is around Rs 149 billion.

2.Mehul Choksi -> Money Laundering

Mehul Choksi Money Laundering

In this case, the name of his business associate Mehul Choksi along with Nirav Modi is also coming out. He is accused of committing this fraud with Nirav Modi and bank officials. Mehul is also a diamond businessman and is a close relative of Nirav. His company name is Gitanjali, whose annual turnover is around 13 thousand crores. Gitanjali’s business is spread across the country as well as many countries of the world.Established in 1966 by Mehul’s father, Gitanjali exports diamonds worldwide. Mehul Choksi is also known for his glamorous lifestyle. Many Bollywood heroines have advertised her brand. Many Bollywood celebrities have often been seen at her parties. It is being told that Mehul Choksi has also escaped from the country after the fraud was revealed.
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3.Vijay Mallya

Vijay Mallya Money Laundering

Who does not know the name of the country’s big liquor businessman Vijay Mallya. Vijay Mallya managed to escape from India in 2016 with a loan of about 8,000 crore rupees from several banks of the country. Mallya is currently in England. Despite millions of attempts to extradite, the Indian government has not been able to bring it to India yet.

The luxurious lifestyle, expensive liquor and parties fondness made Vijay Mallya a pauper. Mallya, owner of Kingfisher Airlines, Kingfisher Beer and IPL’s Bengaluru team, often made headlines for his parties. All big stars including Deepika and Katrina were seen in their parties. Mallya escaped from the country after court action in the case of not repaying the loan taken from many banks of the country.
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4.Lalit Modi

Lalit Modi Money

Former IPL Commissioner and businessman Lalit Modi is also absconding from the country in the case of money laundering. Lalit Modi, who started the IPL, was the Commissioner of IPL from 2008 to 2010. In 2010, Modi was accused of corruption in the IPL. It was alleged that during the auction of two new teams, they adopted unfair means and benefited one side instead of another. Apart from this, Modi gave the contract of IPL to Mauritius company World Sports for 425 crores.

Modi is also accused of taking a commission of Rs 125 crore in exchange for the deal. Modi was removed from the post of IPL Commissioner in 2010 following these allegations. The same year he left the country and fled to Britain. Since then the Indian government has been claiming to have tried for his extradition, which has not reached any concrete result so far.

5.Sanjay Bhandari

Sanjay Bhandari

Sanjay Bhandari is known as a contentious broker of arms. He has been accused of wrongful involvement in the purchase of arms of the army. During the search of Bhandari’s residence in the case of tax evasion against Bhandari and an offset company, the Income Tax Department had found several confidential documents related to the purchase of army weapons. These documents also contained copies of the minutes of the meeting of the contract committee set up for the purchase of military equipment. In the same year, a court in Delhi convicted Kesanjay Bhandari as a declared criminal in the case of Government Secrets Act. It is said that Bhandari has managed to escape from the country via Nepal.

Significantly, all these fugitives have managed to flee the country under the Modi government at the center in cases of fraud, fraud and scams. In such a situation, the question arises that after making such a big fraud under the nose of government, which has made big claims on corruption and honesty, how do these accused manage to escape from the country.
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At the same time, when these people are running away from the country after financial misappropriation, the government is busy in deciding to recapitalize the public banks, while the government should ensure strict punishment to these fraudsters and their property Banks should get damages
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