If you think that only Vijay Mallya and Nirav Modi are among those who ran away with the country’s money, then you are wrong. This list is very long and the figures of loot are mind blowing. The letter opened by the Modi government in the Parliament has made it clear that there are not 2-4 but 53 fugitives who have fled abroad after looting the public’s hard-earned money. Together they have defrauded Indian banks of Rs 58,000 crore. But now the government has given a clear message that even if someone is hiding across the seven seas, his neck has been caught.
The figures presented by the Finance Ministry in Parliament are no less than an earthquake. The government said that these 53 fugitive economic criminals have withheld Rs 58,000 crore from banks including loans and interest. These are those influential people who took advantage of the flaws in the system and ran away from the country. But now the hand of law has reached them.
Recovery of Rs 19,000 crore, properties being auctioned
The bigger the loot figure, the more strict is the government’s action. The issue of ‘holding the neck’ is not just on paper. The government told the Parliament that the investigating agencies have nailed these fugitives. Till now Rs 19,187 crore has been recovered. Their luxurious mansions, luxury cars and benami properties are being confiscated and the money of the banks is being brought back by selling them.
Mallya’s arrogance exposed, Rs 14,000 crore recovered
- The biggest example is that of Vijay Mallya, who was once called the ‘King of Good Times’. Mallya has outstanding dues of around Rs 22,065 crore. Instead of sitting idly by, the government has seized Mallya’s properties and recovered more than Rs 14,000 crore.
- At the same time, Nirav Modi, who is a debtor of Rs 9,656 crore, is currently rotting in a British jail. Rs 545 crore has been recovered from that too and the legal noose is getting tighter for the rest. Apart from this, the Sandeshera brothers (Nitin and Chetan Sandeshera) of Sterling Biotech have also been forced to enter into a settlement with the banks.
The message is clear: we will not stop until we collect every penny.
The attitude of the government in the Parliament shows that the agencies have got a free hand under the ‘Fugitive Economic Offenders Act’ (FEOA) and ‘Money Laundering Act’ (PMLA). There is special attention on 15 big fugitives. The government’s stance is clear whether extradition is required or properties are auctioned, those who loot the country’s money will not be allowed to live in peace. The neck has been grabbed, now only the score remains to be settled.
