PNB fraud case: Nirav Modi declared fugitive economic offender by PMLA court

Diamantaire Nirav Modi was declared a fugitive economic offender on December 5 under Fugitive Economic Offenders Act by the special Prevention of Money Laundering Act (PMLA) court in Punjab National Bank (PNB) fraud case, on a plea of the Enforcement Directorate. Order on confiscation of his properties would happen later, reported news agency ANI.

A key accused in the $2 billion PNB fraud case, Nirav Modi 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.

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 $2 billion to the public sector bank.

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