While some leaders are celebrated for their vision, innovation, and ability to create thriving businesses, others, however, make headlines for all the wrong reasons—embezzlement, fraud, and financial mismanagement. Over the years, several high-profile business figures have fled their home countries, leaving behind massive financial losses and thousands of employees in turmoil. 

Here’s a look at some of the most infamous runaway CEOs who vanished with fortunes, evading justice and accountability.

1. Nirav Modi: The Billionaire Fraudster

Perhaps one of the most infamous cases of financial fraud in India, Nirav Modi orchestrated a ₹14,000 crore scam against Punjab National Bank (PNB). Using fake Letters of Undertaking (LoUs), he illegally imported pearls and diamonds. When the scam was exposed, Modi fled to the UK, where he is currently seeking political asylum. His brother, Neeshal Modi, also implicated in the case, remains in Belgium.

2. Vijay Mallya: The King of Good Times & Bad Debts

Once a celebrated liquor baron, Vijay Mallya’s empire collapsed under the weight of unpaid loans amounting to ₹9,000 crore. Despite banks petitioning the Supreme Court to prevent his escape, Mallya fled to the UK in 2016. Though he was arrested in London, he was granted bail almost immediately and continues to fight extradition.

3. Mehul Choksi: The PNB Scam Co-Conspirator

Nirav Modi’s uncle and Gitanjali Group owner, Mehul Choksi, played a pivotal role in the PNB fraud. Charged with money laundering and criminal conspiracy, he fled to Antigua and Barbuda, where he acquired citizenship. In 2021, he mysteriously disappeared and was later found in Dominica, further complicating India’s extradition efforts.

4. Lalit Modi: The IPL Controversy

Lalit Modi revolutionized cricket with the Indian Premier League (IPL), but his tenure was riddled with financial scandals. While serving as IPL Commissioner, Modi was accused of siphoning off ₹125 crore in a fraudulent media rights deal involving World Sports Group (WSG) Mauritius. He fled to the UK, citing threats to his family’s safety, and continues to evade Indian authorities while challenging the legal proceedings against him.

5. Nitin J. Sandesara & The Sterling Biotech Scam

Nitin Sandesara, the owner of Sterling Biotech, defaulted on a ₹5,000 crore loan from Andhra Bank, contributing to a staggering ₹81,000 crore banking fraud. Along with his associates, including Hitesh Patel and Dipti Sandesara, he fled India, with reports suggesting they are hiding in Nigeria. Efforts to extradite them have so far been unsuccessful.

6. Hajra Iqbal Memon & Family

Widow of the infamous gangster Iqbal Mirchi, Hajra Memon, along with her sons Asif and Junaid, was declared a fugitive economic offender (FEO) in 2021. The family allegedly used illicit funds to buy real estate across Mumbai. Despite an Enforcement Directorate (ED) investigation that led to the attachment of assets worth ₹800 crore, their current whereabouts remain largely unknown.

7. Jatin Mehta: The Diamond Deception

Jatin Mehta, founder of Winsome Diamonds, defaulted on loans worth ₹6,580 crore. He renounced his Indian citizenship and relocated to St. Kitts and Nevis, a country with which India lacks an extradition treaty. His involvement in fraudulent trade practices remains under investigation.

8. Ritesh Jain: The Rajeshwar Exports Scandal

Businessman Ritesh Jain, associated with Rajeshwar Exports, is wanted in multiple fraud cases involving jewelry exports. His name surfaced in several financial irregularities, but before authorities could take action, he fled the country, making extradition efforts challenging.

9. Rajiv & Alka Goyal: The Surya Pharmaceuticals Case

The husband-wife duo behind Surya Pharmaceuticals, Rajiv and Alka Goyal, were implicated in financial mismanagement and loan defaults. Their company collapsed, leaving banks and investors in turmoil. They fled India, avoiding legal proceedings.

10. Vinay Mittal: A Rare Case of Extradition

Vinay Mittal, involved in fraud worth ₹43.19 crore through Krishna and Krishna Enterprises, managed to flee to Indonesia. Unlike many others on this list, Mittal was successfully extradited to India to face charges.

11. Sunny Kalra: The White Tiger Steels Fraud

Sunny Kalra fled to Oman after defrauding financial institutions through White Tiger Steels Private Ltd. However, unlike most fugitives, he was extradited back to India, setting a precedent for future extradition cases.

While Indian authorities have pursued extradition for many of these fugitives, legal roadblocks, diplomatic challenges, and lack of treaties with certain countries have hindered their return. Many have taken advantage of loopholes in international laws, acquiring foreign citizenship or seeking political asylum.

Meanwhile, the financial misdeeds of these business leaders have left a trail of destruction. Employees lost their jobs, investors suffered massive losses, and banks struggled with bad debts. The burden of their fraudulent actions ultimately falls on the common taxpayer, as governments and financial institutions work to recover lost funds.