Nirav Modi declared fugitive economic offender by PMLA court

National
Typography

MUMBAI: The Prevention of Money Laundering Act (PMLA) court in Mumbai has declared Punjab and National Bank scam accused Nirav Modi a fugitive economic offender under the Fugitive Economic Offenders Act.

 

He was declared a fugitive offender on a plea by the Enforcement Directorate.

According to the media report, order on confiscation of his properties would happen later.

The fugitive economic offender tag allows Indian probe agencies to confiscate and attach properties of the accused and is targetted at those who flee India to escape prosecution.

Nirav Modi is accused of defrauding the Punjab National Bank of more than Rs 10,000 crore by scamming a software used by banks worldwide. Nirav and his uncle Mehul Choksi are the prime accused in this case.

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

Nirav Modi is the second person to be declared a fugitive economic offender under the Fugitive Economic Offenders Act, which was enacted last year.

The first person to be declared a fugitive economic offender under the act was Vijay Mallya, who is accused of fraud and defaulting on bank loans to the tune of Rs 9,000 crore.

 

With inputs from the media report

Image credit: Outlook India

 

1 1 1 1 1 1 1 1 1 1 Rating 0.00 (0 Votes)




Sign up via our free email subscription service to receive notifications when new information is available.

Follow us on Facebook