DNA Edit: As the noose tightens – Mallya, Nirav and Choksi’s days are numbered

The troika of fugitives – Vijay Mallya, Nirav Modi and Mehul Choksi – have now been summoned by the Prevention of Money Laundering Act (PMLA) court in Mumbai. If they fail to show up, they will be declared fugitive economic offenders. Mallya’s options are shrinking because the Court of Appeal in England has denied him permission to appeal against a high court judgement that has gone in favour of the Indian banks. What is damning is the fact that the second-highest court of UK feels that Mallya simply doesn’t have a case. 

Further developments have ensured that his worldwide assets can be seized by Indian authorities. Mallya thought that by taking refuge in England, he would get away with ill-gotten wealth. But the past is fast catching up with him. Choksi is now island-hopping in the hope of finding a home. From the US, where he was reportedly holed up, he has flown to the island nation of Antigua and Barbuda to escape extradition to India. 

There are compelling cases against both Nirav and Choksi, and even though Antigua may have strict extradition laws, India hopes to prevail upon the island nation with international support. He may have got citizenship and a local passport but these talismans will only give him short-term protection. The noose is tightening around Nirav following the summons issued by the United States Bankruptcy court on Thursday. The US court has also recognised the claim of Punjab National Bank on proceeds of any asset sold by the US debtors of the Nirav entities.