PNB Fraud Accused Nirav Modi Urges A Special Court To Set Aside ED’s Plea To Declare Him Fugitive Economic Offender

Nirav Modi, the absconding accused in the Punjab National Bank (PNB) fraud case has urged a special court in Mumbai to set aside an Enforcement Directorate's (ED) petition to formally declare him as a fugitive economic offender.

In July 2018, the ED had filed an application under the Fugitive Economic Offenders (FEO) Act to formally declare Modi a fugitive economic offender.

However, Modi's lawyers claimed in their application that the ED is relying on evidence and statements recorded under the Prevention of Money Laundering Act (PMLA) to seek a remedy under the FEO Act.

They argued that this was not permissible under the FEO Act.

Also, in a separate plea, Modi’s lawyers claimed that ED’s plea seeking to confiscate his property too did not comply with the FEO Act.

It may be recalled that similar applications were moved by Nirav Modi's uncle Mehul Choksi, who happens to be another absconding accused in the PNB fraud case.

The PNB fraud case is related to alleged fraudulent issuance of Letters of Undertaking to the jewelry firms of Nirav Modi and his uncle Mehul Choksi which caused a loss of more than USD 2 billion to the Punjab National Bank (PNB).