PNB Bank scam: Nirav Modi declared Fugitive Economic Offender by PMLA court

In a big breakthrough in Punjab National Bank (PNB) bank scam case, Nirav Modi has been declared a fugitive ecomic offender under Fugitive Ecomic Offenders Act. he has been declared an offender by  special Prevention of Money Laundering Act ( PMLA) court on Thursday. News ncy ANI reported that order on confiscation of his properties will be declared later in day.

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Nirav Modi's case so far

Nirav Modi is absconding and has t joined ED probe in case till w. Nirav Modi and ors are being probed under various criminal laws after fraud came to light this year following a complaint by Punjab National Bank that y allegedly cheated nationalised bank to tune of over Rs 13,000 crore. Nirav is currently lodged at Wandsworth prison in London, and was denied bail by London court for fifth time in vember.

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ncy back in May sought an official declaration to categorise Nirav Modi as a "fugitive" based on its prosecution complaint (charge sheet) filed before a special court in Mumbai PMLA act. On May 24, ED h filed its first charge sheet in over USD 2 billion PNB fraud case involving diamantaire Nirav Modi and his associates stating that over Rs 6,400 crore of bank funds were allegedly laundered abro to dummy companies by him and ors. A total of 24 accused have been listed in charge sheet, filed under section 45 of PMLA, including Nirav Modi, his far, bror Neeshal Modi, sister Purvi Modi, bror-in-law Mayank Mehta and designer jewellers' firms--Ms Solar Exports, Stellar Diamonds and Diamonds R Us. A court-issued n-bailable warrant is also pending against Nirav Modi and  Interpol has also issued a red corner tice to against him.

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