India Cracks Down on Economic Fugitives Abroad

Indian authorities are intensifying efforts to bring economic fugitives to justice, with recent legal developments impacting high-profile individuals such as Nirav Modi and Purvi Modi. A special CBI court in Mumbai recently rejected Purvi Modi’s plea to record her statement via video conferencing, as she also seeks to become an approver in the Punjab National Bank (PNB) fraud case.

The Fugitive Economic Offenders Act Explained

The Fugitive Economic Offenders Act serves as a crucial legal framework in India’s fight against financial crime. Under this legislation, the Enforcement Directorate (ED) has taken significant action.

• The ED has declared 21 individuals as Fugitive Economic Offenders (FEOs).
• Action has been initiated against 54 people under the FEO Act.

Nirav Modi’s Extradition Path Cleared

Nirav Modi, accused in the substantial ₹6,498.20-crore PNB bank fraud case, has faced a definitive legal setback. He lost his final legal challenge in Europe in July 2026, paving the way for his extradition to India after being held in a UK jail since 2019.

• The ED has successfully restored assets worth ₹1,112.91 crore in connection with his case.

Vijay Mallya Remains in the UK

Former Kingfisher Airlines promoter Vijay Mallya was declared an FEO in January 2019, facing an alleged bank default of ₹6,777.36 crore. He continues to reside in the UK, citing his legal inability to leave the country and his revoked Indian passport as reasons for not returning, as stated in February 2026.

• In his case, the ED has confiscated and restored assets totaling ₹14,131.60 crore to the SBI-led consortium.

Mehul Choksi’s Legal Battle in Belgium

Mehul Choksi, implicated in a ₹7,080 crore PNB fraud, is currently in Belgium. The Antwerp Court of Appeal issued a positive opinion in April 2026 regarding his extradition for six of seven charges, following his arrest in Antwerp in April 2025 where he remains in custody.

• Assets worth ₹2,565.90 crore have been restored in connection with Choksi’s case.

Jatin Mehta’s Ongoing Challenge

Jatin Mehta, former promoter of Winsome Diamonds, is linked to a bank fraud exceeding ₹6,500 crore. He and his family reside in London, with the ED actively pursuing FEO status for his wife and sons. Mehta recently withdrew a petition after the Bombay High Court declined to hear his challenge in his absence.

Broader Asset Recovery Efforts

The Indian government’s strategy strongly emphasizes the recovery of assets from these financial fraud cases. The Enforcement Directorate reports significant success in this area across various money-laundering investigations.

• A total of ₹63,142.65 crore worth of properties have been restored to victims.
• The combined loss to public-sector banks from the cases involving Mallya, Nirav Modi, and Choksi was ₹22,585.83 crore.
• From these specific cases, ₹18,170.02 crore in assets have been attached or seized.

This sustained focus on the Fugitive Economic Offenders Act and aggressive asset recovery underscores India’s commitment to holding financial offenders accountable and mitigating the impact of large-scale fraud on its banking system.