Mehul Choksi arrested: A look at the list of fugitive economic offenders in India-OxBig News Network

Fugitive diamantaire Mehul Choksi has been arrested in Belgium, according to official sources on Monday. The arrest took place on Saturday (April 12) and comes in response to a formal extradition request filed by India’s investigative agencies — the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case, is the second prime suspect to face legal action after his nephew and co-accused Nirav Modi. While Modi remains in UK custody battling his own extradition, Choksi had been living in Antigua since 2018 after fleeing India. He was reportedly traced to Belgium last year under the pretext of seeking medical treatment, which ultimately led to his arrest. 

The Indian authorities have long pursued Choksi, who has been officially declared a Fugitive Economic Offender (FEO). However, Choksi is not the only one on that notorious list, as several other high-profile individuals also face similar charges and are under the radar of Indian enforcement agencies.

Here are other such people who fall into the same category:

Nirav Modi: The jeweller-turned-fugitive is a central figure in one of India’s biggest banking scandals, accused of defrauding Punjab National Bank (PNB). Known for his luxury diamond creations and high-end clientele, Modi allegedly orchestrated a sophisticated scheme by importing pearls into India using fraudulent Letters of Undertaking (LoUs). Investigations later revealed that these LoUs were illegally issued by PNB’s Brady House branch in Fort, Mumbai — a breach that exposed major loopholes in banking oversight. Modi, who fled India as the scandal unraveled, is currently fighting legal proceedings in the United Kingdom, where he is seeking political asylum. 

Neeshal Modi: The younger brother of Nirav Modi, has also come under the scanner for his alleged involvement in the massive Punjab National Bank (PNB) scam. Accused of being a key beneficiary in the fraudulent transactions, Neeshal is believed to have owned several dubious companies and benefited from multiple Letters of Undertaking (LoUs) at the heart of the Rs 13,500 crore banking fraud. In 2018, the CBI formally requested the Ministry of Home Affairs to initiate extradition proceedings against him from Belgium, his country of citizenship. In an apparent attempt to clear his name, Neeshal wrote to the ED in 2020, trying to dissociate himself from his infamous relatives—Mehul Choksi and Nirav Modi. Despite his efforts, he remains under investigation as authorities continue to untangle the web of deceit that shook India’s banking sector.

Vijay Mallya: Once known as the flamboyant liquor baron and founder of the now-defunct Kingfisher Airlines, he continues to be at the center of a high-stakes legal storm. Declared a fugitive economic offender, Mallya faces charges linked to a massive bank loan default case, with unpaid dues exceeding rS 9,000 crore. The financial mess left in the wake of Kingfisher Airlines’ collapse in 2012 triggered a prolonged legal tussle, not only with Indian authorities but also with a consortium of banks attempting to recover their dues. Currently residing in the United Kingdom, Mallya has been locked in a lengthy extradition battle as Indian enforcement agencies push to bring him back to face trial.

Lalit Modi: The architect of the Indian Premier League (IPL), he played a key role in turning cricket into a global entertainment spectacle. However, his tenure as IPL Commissioner is also marred by serious allegations of financial misconduct. The controversy traces back to the early days of the IPL when Multi Screen Media Limited (now Sony Pictures Networks India) approached the BCCI after the media rights auction. It was announced that World Sports Group (WSG) Mauritius had secured the broadcast rights for the league — but investigations later revealed that no official agreement existed between BCCI and WSG. Lalit Modi had allegedly independently negotiated these high-stakes contracts, and reports suggest he may have pocketed a staggering Rs 125 crore in the process. Amid mounting scrutiny and legal heat, Modi left India and is currently residing in the United Kingdom, where he is reportedly seeking refuge. 

Hajra Iqbal Memon: She is the widow of the late gangster Iqbal Mirchi. She, along with her sons Asif and Junaid Memon, was declared a Fugitive Economic Offender in 2021. Iqbal Mirchi, known as a close associate of India’s most wanted terrorist Dawood Ibrahim, had long been under the radar of enforcement agencies. The Memon family stands accused of using illicit funds to acquire multiple high-value properties across Mumbai, forming a significant part of a sprawling real estate empire allegedly built on black money. By 2021, the Enforcement Directorate had attached assets worth Rs 800 crore in connection with the case. Though the family is known to be living abroad, their exact location still remains a mystery. 

What is a Fugitive Economic Offender?

A Fugitive Economic Offender (FEO) is a person against whom an arrest warrant has been issued in connection with a scheduled economic offence involving a value of Rs 100 crore or more, and who has either left India to avoid criminal prosecution or refuses to return to face legal proceedings. The concept was introduced under the Fugitive Economic Offenders Act, 2018, which was enacted to deter economic offenders from evading the Indian legal system by taking refuge abroad.

Once a person is declared an FEO by a special court under this law, the authorities are empowered to confiscate their properties and assets, both in India and overseas, without waiting for a conviction. The Act aims to address cases involving serious financial crimes like fraud, money laundering, and tax evasion. 

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