Modern speeches between Narendra Modi, who is the current prime minister of India – PM Modi, and his British counterpart often discussed an important topic connected with economic fugitives.
The two include Vijay Mallya, who is now an absconder in different economic offenses in India, also like Nirav Modi. Some of the money is accused of having been stolen from India through fraud by Mallya, the liquor tycoon. He also faces charges of money laundering and criminal activity. They even get as far as charging him with money laundering.
Nirav Modi is another busted diamond trader accused of embezzling about $2 billion from state-owned banks.
Both the accused had escaped to India in 2016 and have been the subject of extradition between India and the United Kingdom.
Prime Minister of India, PM Modi, of Indian origin, insisted they speed up their extradition process.
Currently, both Mallya and Nirav are serving bail in the United Kingdom due to extradition cases that have been delayed several times. India’s plea for early action is an indication of the country’s willingness to crack the whip on economic criminals.
They bring to book persons who perpetrate financial fraud against innocent persons. The consequences of these discussions will affect the extent of international collaboration in fighting financial criminals and absconders who escape justice by traveling overseas.
Overview Of The Financial Crimes
Two such individuals are Vijay Mallya and Nirav Modi, who masterminded two of the most famous financial fraud scandals.
The once famous Indian businessman and ex-owner of the failed Kingfisher Airlines, Vijay Mallya, is accused of fraud that involved over ₹9,000 crore (around $1.2 billion) borrowed from Indian banks.
Most of the funds Mallya borrowed were from public sector banks, giving a false impression of financing an airline business but was a non-performing debtor.
Besides, it is claimed that he misused money to build grand facilities for his use or charter nice aircraft and hold lavish parties. Mallya was charged with fraud and money laundering in 2016.
He was also indicted for some of the largest financial frauds. Within a month of the charges, he left for the United Kingdom. To date, he has declined to be extradited back to India.
Punjab National Bank lost ₹13,500 crore ($2 billion) through fraud committed by Nirav Modi, a diamond merchant firm. It is a video of fake LoUs taken by PNB. They made money from overseas branches that have not been serviced.
The scam started in 2018, and shortly thereafter, Modi left India to go to the United Kingdom. They have charged him with money laundering, criminal conspiracy, and fraud to an Indian territory. His case has humiliated especially the banking fraternity and also brought about a shift of confidence among investors.
The Extradition Saga
The journey of Vijay Mallya and Nirav Modi’s extradition case has been a long story. These two dacoits absconded in the United Kingdom. Mallya left India in March 2016 for alleged financial irregularities and money laundering charges and was arrested in the UK in April 2017 but released on bail.
Since then, he has been resisting extradition back to Britain in the British courts. Several legal cases do not allow Mallya’s extradition to happen – appeals and hearings prolong the process.
Likewise, in early 2018, Nirav Modi, involved in ₹13,500 crore fraud related to Punjab National Bank, escaped from India. He was arrested while in the UK in March 2019 but was also subjected to extradition, which caused some legal situations as well.
Both cases demonstrate that extradition is a very complicated process, during which legal peculiarities and people’s rights can act as brakes. The Indian government keeps on insisting on their repatriation, whereby they can be put to justice.
Initiative By PM Modi
For several years now, PM Modi has specifically brought up the subject of economic offenders Vijay Mallya and Nirav Modi, asking British authorities to hasten the extradition process.
During Modi’s interactions with Britain’s Prime Minister Rishi Sunak, the latter was urged to act as fast regarding the cases, as both Mallya and Nirav Modi are charged with serious economic offenses in India.
In a diplomatic note provided to the Australian media, Modi said India was concerned that cases of extraditions took a long time to wind up in court, which was equally frustrating both for the victims of fraudulent schemes and India’s efforts to combat financial crimes.
The Indian government has been keen on a more efficient correlation, with both fugitives escaping justice by exploiting legal novelties in the UK. In these talks, Modi emphasized the importance of international cooperation in repatriating economic criminals.
He asked the UK to honor international law. Modi’s goal is to ensure that high-profile cases like these do not set a precedent. He wants to prevent other fugitives from escaping to other countries.
The appeals by PM Modi are part of a broader approach to fighting economic crime. He aims to punish individuals who manipulate legal systems to escape prosecution. The UK government has stated that they will continue with the legal processes in both cases. However, both cases remain open.