December 05, 2019

Punjab National Bank Fraud Accused Nirav Modi Officially Declared Fugitive Economic Offender By PMLA Court

[ By Bobby Anthony ]


Billionaire businessman Nirav Modi has been officially declared as a fugitive economic offender by a Prevention of Money Laundering Act (PMLA) court in Mumbai in response to a plea by the Enforcement Directorate (ED).

The fugitive economic offender tag allows Indian investigative agencies to confiscate and attach properties of the accused and targets those who have fled India to escape prosecution.

Presently, Nirav Modi is under arrest in the United Kingdom, and is accused of defrauding the Punjab National Bank of more than Rs 10,000 crore.

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 (LoU) which caused a loss of more than Rs 10,000 crore to the public sector bank.

Nirav Modi was earlier arrested in London and his extradition process is pending.

Incidentally, Nirav Modi happens to be the second person to be declared a fugitive economic offender under the Fugitive Economic Offenders Act, after Vijay Mallya who has been accused of fraud and defaulting on bank loans to the tune of Rs 9,000 crore.

Related Post

latest News

  • No Objection from existing counsel required to engage a new counsel: Karnataka HC

    Division Bench of Karnataka High Court held that ‘No Objection Certificate’ has to be obtained from existing Advocate who still holds vakalath, no...

    Read More
  • Gangwal Tells SEBI: No Truce With IndiGo Co-Founder Rahul Bhatia Unless New Board Structure Loophole Is Sorted Out

    In a recent letter to the directors of IndiGo airlines, copied to the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affa...

    Read More
  • SEBI, MCA Asks Indigo To Submit All Documents, Including EY Report Which Had Examined Related-Party Transactions

    The Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) have asked IndiGo to submit all documents, including the...

    Read More