Who is Shravan Gupta?

Shravan Gupta is the promoter of realty firm MGF and is accused of receiving proceeds of crime related to the ₹ 3,737 crore VVIP chopper deal.

What legal action is being taken against Shravan Gupta?

The Enforcement Directorate has sought to declare him a fugitive economic offender under the FEO Act, which will allow confiscation of his properties.

How many individuals have been declared fugitives under the FEO Act?

As of now, 22 individuals have been declared fugitives under the FEO Act.

ED seeks fugitive offender tag for MGF promoter Shravan Gupta

Q: What is the Fugitive Economic Offenders Act?

The Fugitive Economic Offenders Act was introduced by the government in 2018 to deter economic offenders from evading Indian law and allows for confiscation of assets over ₹ 100 crore.

The agency told a special court that Gupta evaded nine summons and submitted documentary evidence seeking his declaration under the FEO Act.

Updated on: Sep 25, 2026, 06:44:46 IST

By Neeraj Chauhan, New Delhi

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The Enforcement Directorate (ED) has sought to declare Shravan Gupta, promoter of realty firm MGF, a fugitive economic offender (FEO), people familiar with the development said on Thursday, adding that the designation will allow the agency to confiscate his properties anywhere in the world.

ED said Gupta allegedly received proceeds of crime in the ₹3,737-crore VVIP chopper deal. (HT File)

“We have started the process under the Fugitive Economic Offenders (FEO) Act, 2018 before a special court to declare the businessman Shravan Gupta a fugitive and confiscate his properties,” said an officer, requesting anonymity.

Introduced by the government in 2018 to deter economic offenders from evading Indian law by remaining outside the jurisdiction of Indian courts, the fugitive tag empowers authorities to confiscate the proceeds of crime and assets, where the amount involved is above ₹100 crore. The law also bars a declared fugitive economic offender from filing or defending civil claims in Indian courts.

Also read: ED seeks ‘fugitive economic offender’ tag for ex-TMC youth leader Vinay Mishra

ED begins FEO proceedings against Gupta

Gupta is accused of receiving proceeds of crime in the ₹3,737 crore VVIP chopper deal. He is also under investigation in an alleged fraud case lodged against him by Emaar India Ltd. He allegedly fled from India in November 2019 and is said to be living in London. An Interpol red notice was issued against him in August 2023 and efforts are on to get him extradited.

“There is compelling evidence for initiating FEO proceedings against him because he has deliberately evaded ED’s nine summons over a period of time. Detailed documentary evidence has been submitted before the court,” said a second officer.

Also read: Two promoters of Delhi company declared fugitives over Rs1,200 crore fraud

Gupta faces allegations in chopper deal, Emaar case

In January 2015, while attaching assets worth ₹82.29 crore belonging to MGF Developments Ltd, ED had alleged that Gupta, as director and chairman of MGF Developments Ltd, siphoned off funds worth ₹180 crore from Emaar MGF Land Ltd, a Joint Venture (JV) of Emaar PJSC, Dubai and MGF Developments Ltd.

In the VVIP chopper case, ED attached properties worth ₹16.57 crore belonging to Shravan Gupta in March 2024 alleging that he had received proceeds of crime from a shell company based out of Mauritius, which had received the kickbacks in the defence deal from Agusta Spa, Italy.

The federal agency filed a charge sheet against Gupta in the VVIP chopper case in February 2022.

An email query sent to MGF India regarding ED’s FEO move didn’t elicit a response.

Also read: Fugitive offenders owe ₹58,082 cr to public sector banks: Govt tells Lok Sabha

ED has initiated FEO action against 57 people

ED has, till date, launched FEOA proceedings against 57 individuals out of which 22 have been declared ‘fugitives’. Some of these high-profile individuals include diamantaire Nirav Modi, former Kingfisher promoter Vijay Mallya, underworld don Iqbal Mirchi’s wife Hajra Memon and sons Junaid and Asif, and arms dealer Sanjay Bhandari. Under the FEO Act, the agency has confiscated assets worth ₹2,178 crore.

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ABOUT THE AUTHOR
Neeraj Chauhan
Neeraj Chauhan is a senior journalist with Hindustan Times and an investigative reporter specialising in national security, terrorism, organised crime, narcotics, corruption, financial crime and complex investigations. With over 21 years of experience across Hindustan Times, The Times of India, The Indian Express and The Pioneer, he has built deep expertise in India’s internal security and law-enforcement landscape. Neeraj has extensively covered India’s principal investigative, intelligence and security agencies, including the NIA, CBI, ED, IB, R&AW, MHA and other central security forces. His work has included deeply reported investigations into terrorism, terror financing, cross-border crime, narcotics trafficking, cybercrime, financial fraud and political and corporate corruption. He has reported on some of the most significant terror attacks and security developments in India over the past two decades, including the Delhi serial blasts, the 26/11 Mumbai attacks, the 2019 Pulwama terror attack and the recent Pahalgam attack. His reporting has also chronicled the rise and decline of the Indian Mujahideen, the activities and subsequent crackdown on the Popular Front of India (PFI), Islamist extremist networks, the conflict in Jammu and Kashmir, insurgencies in the Northeast and Maoist violence. Some of Neeraj’s major breaking stories are in Aryan Khan drug case, Sushant Singh Rajput suicide, interception of a 3,000-kg Afghan heroin consignment worth about ₹21,000 crore at Mundra port, Sri Lanka easter bombings, Aarushi-Hemraj murders in Noida, 2G scam, coal block allocation scam, AgustWestland VVIP chopper deal and major bank frauds and extradition cases involving Mehul Choksi, Nirav Modi and Vijay Mallya. His reporting is marked by an ability to cultivate sources, analyse confidential and complex documents, and follow investigations over several years—from the initial breakthrough to chargesheets, trials and international legal proceedings. He specialises in making complicated security and investigative developments accessible while examining their wider implications for governance and public policy. A Chevening South Asia Journalism Programme Fellow at the University of Westminster, Neeraj also spent time at the Financial Times as part of the fellowship. He was also a Robert Bosch Media Ambassadors India-Germany Fellow, studying at the University of Tübingen and working with Der Tagesspiegel in Berlin. He has previously taught investigative journalism and crime reporting as a guest faculty member at the Times School of Journalism. Over more than two decades, Neeraj has established himself as an authoritative voice on India’s national security and investigative landscape, with his reporting closely followed by officials, investigators, lawyers, policymakers and readers seeking insight into some of the country’s most complex and consequential developments.Read More

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