Billionaire Nirav Modi has done a big fraud worth 11,500 crores with PNB and other banks and has fled India. After calculating the value, it was realized that it is 8 times the annual profit of PNB during 2016-17.
He took assistance of some employees of PNB & made a plan to rob them, thanks to inefficiency in the system. Unauthorized and fraudulent transactions have taken place & now that they are unearthed, blame games have started.
Nirav Modi, the biggest diamond merchant has left the country before an FIR could be filed against him. He made us recollect Vijay Mallya, who did a similar fraud with State Bank of India.
Here’s the list of such people who looted our country and fled.
1. Vijay Mallya
Indians are hoping to see him return to the country soon, but looks as if UK government is in no mood to hand him over. He owes a whopping 9000 crores to State Bank Of India. Mallya defaulted on Rs 9000 crores worth of loan and he diverted all his funds. India is trying hard for extradition, but all in vain.
2. Nirav Modi
This is another big scam that has unearthed. This is considered to be a very big FINANCIAL FRAUD in which he used some forged documents with the help of PNB employees for drawing money from other banks. He took money from private as well as public banks like Axis bank and Allahabad bank on fake letter of understandings that PNB officials issued. This diamond merchant duped banks of Rs 11,500 crores. CBI has filed case against his brother, wife as well as Choksi (His business partner).
3. Lalit Modi
Lalit Modi was also involved in money laundering. This was when he was the chairman of IPL from the year 2008-2010. He violated many rights and the amount was around 425 crores. Many cases have been filed against him by Enforcement Directorate, but all attempts of getting him back are futile. UK has strict laws with regards to extradition.
He laundered the money by violating media rights deals during IPL. He also entered into agreements with companies like World Sports Group and Multi Screen Media for broadcasting media rights. He even breached rules related to Foreign Exchange Management Act .
He took many undue advantages & purchased shares in companies with help of Vasundhara Raje, the CM of Rajasthan.
4. Christian Michel
Michel is also absconding; he ran away with an amount of Rs 135 crores. He did fraud with Agusta-Westland Choppers; the company had paid him Rs 135 crores in order to buy some discarded helicopters by Pawan Hans. Michel had signed a contract with Agusta for buying 14 discarded WG-30 choppers from Pawan Hans. Later, it came to light that Pawan Hans hadn’t made any such deal with Michel.
5. Sanjeev Chawla
He made it to the news due to the match fixing scandal in the year 2000. He fled to UK after that. However, Delhi court made a request, after which UK officials arrested him. But when it came to extradition, he rejected 2 requests and raised concerns over security in Tihar jail.
Sanjeev Chawla was accused with Hansie Cronje in match fixing scandal between South Africa and India. He was caught in the year 2000; Delhi police got to know a conversation between Sanjeev Chawla and Cronje.
Hope India gets freed from such scammers.