London the safest city for Indian fraudsters, Know why?


Share post:

Vijay Mallya and Nirav Modi are both high-profile business men from India who have been accused of corruption and financial fraud. Both flew to London to cover their financial scams in India. Why these Indian scamsters are hiding in London? Is London the safest city for Indian fraudsters to hide and change their face?

Last year in February, UK’s then home secretary Priti Patel signed an extradition order for Nirav Modi, accusing $2 billion in bank fraud in India. Moreover, Vijay Mallya, the owner of Kingfisher Airlines, is also facing extradition. Both Nirav Modi and Mallya have denied the charges against them and have been extradition to India.

Why London is the safest for Indian Fraudsters

According to the news sources, London is generally considered one of the safest cities, with a low crime rate when compared with other cities in the world. People like Nirav Modi, Vijay Modi and Lalit Modi have escaped to London to cover the financial frauds and scams they committed in India.

The UK provides special facilities to people from different countries, such as Golden Visa. As per Golden visa, if you invest  2 million pounds in the UK you will get Golden Visa. With this visa, you can live easily and freely within the country for a few years. However, it also provides various facilities that allow people to live there for a lifetime.

Indian government requested the UK government to hand over 131 people to India in the last few years.  Sadly out of 131 criminals, only 1% of persons have been handed over to India by the British government. Not only India but also people from various countries move to London after committing fraud which, includes Pakistan’s former PM Nawaz Sharif in the list.

Who is Vijay Mallya? Why he fled to the UK?

According to the news sources, Vijay Mallya, the former chairman of United Breweries Group. It was famously known for its beer, ‘Kingfisher’. In the year 2005, he started Kingfisher airlines. Due to the global recession and increase in oil prices, the debts of Kingfisher started to rise. He was accused of defaulting on loans worth more than Rs. 9000 crores from various Indian banks.

Kingfisher airlines shut its operations despite its vast debts. CBI conducted raids on his properties and estates related to his loan provided by IDBI bank and questioned him.

Later in 2016, SBI registered a complaint against Mallya which made him fly away to the UK on the same day. Ministry of External Affairs cancelled Mallya’s passport, and ED issued a non-bailable warrant against him.

Mallya was arrested in the UK after India’s extradition in 2017. He approached Karnataka high court to sell his assets to repay the debts. In 2021 PMLA court allowed Mallya to sell his properties worth Rs 5646 crore to collect debts from the banks.

Who is Nirav Modi? Why he fled to the UK?

Nirav Modi is a businessman and diamond merchant. He is the founder of Firestar Diamond company in India. He has been accused of fraud involving the PNB, one of India’s largest banks. The fraud is estimated to a worth more than RS. 13000 crores through fraudulent letters of undertaking. It is one of India’s biggest financial scams in history.

In 2018, he fled to the UK shortly before the fraud was detected. The UK arrested him in 2019 on extradition requests from India.

According to the reports, Nirav Modi and his associates allegedly used fraudulent letters of undertaking (LoUs) from PNB to get loans from the bank. The fraud was exposed when the PNB officials found differences in transactions. The LoUs are usually used for genuine trade transactions.

ALSO READ: Interpol issues global bench warrant against Nirav Modi’s wife in PNB fraud case

Newsletter Signup

Related articles from Tags

PAN and Aadhaar card linking date has been extended

The central government has announced that the date for linking PAN and Aadhaar has been extended to...

Hyderabad: 3 months traffic diversions near Erragadda Metro Station

Hyderabad: Traffic diversions from March 28 to June 28 in Hyderabad, due to Nala work from AG...

Watch: Women died on spot in road accident at Balapur, Hyderabad

A women died in a road accident, when a speeding auto trolley rammed into a woman at...

Hyderabad: Toddler crushed to death by GHMC auto

A 18 months toddler was crushed to death by GHMC auto near RTC Colony at Moula Ali,...

Potti Sreeramulu Telugu University all set to shift to new campus

The next academic year of Potti Sreeramulu Telugu university will start in the new campus at Bachupally....

Cheetah gifted by Saudi Prince dies of heart attack at Hyderabad Zoo

A male 15 years old Cheetah died at the Nehru Zoological Park Hyderabad, due to  heart attack...

Man clears Google interview but failed tenant interview in Bengaluru

A man cleared the Google interview but failed the tenant interview in Bengaluru, he recently shared a...

Rahul Gandhi addressed press at AICC HQ after disqualification

Rahul Gandhi addressed the press at AICC HQ after being disqualified as an MP. He claims that...

Jagdeep Dhankhar teases Raghav Chadha in the parliament

On Friday, Rajya Sabha chairman Jagdeep Dhankhar teased Parliament member Raghav Chadha as he gave a suspension...

Manchu brothers fight video goes viral

Manchu brothers quarrel and physical fight goes viral. Manchu Vishnu and Manoj allegedly had a furious dispute...

TCL Officially Sponsors Sunrisers Hyderabad for the Fourth Time in a Row in 2023

TCL - a leading consumer electronics brand and one of the dominant players in the global TV...

Rahul Gandhi disqualified as Lok Sabha MP after defamation case

On Thursday, Surat court sentenced Congress MP Rahul Gandhi to 2 years in jail in a defamation...