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PNB fraud: Nirav Modi declared fugitive economic offender
A special court here on Thursday declared diamantaire Nirav Modi, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate.
New Delhi: A special court here on Thursday declared diamantaire Nirav Modi, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate.
Also Read: Nirav Modis judicial custody extended till Nov 11 by London court
He is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year.
Mumbai: Nirav Modi has been declared a fugitive economic offender under Fugitive Economic Offenders Act by the special Prevention of Money Laundering Act ( PMLA) court today in Punjab National Bank scam case. Order on confiscation of his properties will happen later pic.twitter.com/Uk621OICpx
— ANI (@ANI) December 5, 2019
Nirav Modi and his uncle Mehul Choksi are the prime accused in the PNB fraud case, related to alleged fraudulent issuance of Letters of Undertaking that caused a loss of over USD 2 billion to the public sector bank.
Also Read: Nirav Modi's bail rejected once again
Nirav Modi was earlier arrested in London and his extradition process is pending.(PTI)