Prime Minister Narendra Modi on Thursday said Indian security agencies will continue to strengthen cooperation with foreign counterparts on issues related to the extradition of economic offenders.
“Our security agencies will continue to enhance cooperation and coordination on matters such as the extradition of economic offenders,” he said.
The statement, made during his visit to the United Kingdom, comes at a time when Indian authorities are pressing for the return of several high-profile individuals facing charges ranging from financial fraud to money laundering.
These include Nirav Modi, accused in the ₹6,498 crore Punjab National Bank (PNB) scam, whose tenth bail plea was recently rejected by a London court; Vijay Mallya, wanted in connection with a ₹9,000 crore loan default case; and Sanjay Bhandari, facing charges under the Official Secrets Act and the Prevention of Money Laundering Act.
India has also sought the extradition of Hajra Memon, widow of underworld figure Iqbal Mirchi, along with her sons Asif and Junaid Memon, in connection with money laundering and organised crime cases.
Mallya fled India in 2016 and has been residing in the UK since then. In December last year, finance minister Nirmala Sitharaman informed Lok Sabha that the Enforcement Directorate (ED) had so far restituted ₹14,000 crore worth of assets to various banks through the sale of Mallya’s properties.
{{/usCountry}}Mallya fled India in 2016 and has been residing in the UK since then. In December last year, finance minister Nirmala Sitharaman informed Lok Sabha that the Enforcement Directorate (ED) had so far restituted ₹14,000 crore worth of assets to various banks through the sale of Mallya’s properties.
{{/usCountry}}In the case of Nirav Modi, investigations have revealed that he secured his first fraudulent letter of undertaking (LoU) from PNB on March 10, 2011, and went on to obtain 1,212 such guarantees over the next 74 months.
The LoUs were used to funnel money to a web of dummy companies registered in offshore tax havens, including the British Virgin Islands.
Nirav Modi and his relatives fled India in early 2018, just days before the scam became public. He remains in a UK prison as Indian authorities continue to push for his extradition.