PNB scam: Proclamation order issued against Nirav Modi, 2 others

A special court here on Wednesday directed Nirav Modi, prime accused in over USD 2 billion Punjab National Bank (PNB) scam, and two ors, to appear before it by January 15, failing which it will proceed to declare m proclaimed offenders. Special CBI court judge V C Barde issued proclamation order against Nirav Modi, his bror Neeshal Modi and a close associate Subhash Parab, directing m to remain present before it by mid-January.

As per law, once a court issues a proclamation order, accused needs to remain present before it within stipulated deline, failing which it can proceed to declare accused a proclaimed offender. Once a person is declared a proclaimed offender, probe ncy can begin confiscation of his properties in India.

About accused in scam

Nirav Modi and his uncle Mehul Choksi are prime accused in case, which is related to alleged fraudulent issuance of Letters of Undertaking that caused a loss of over USD 2 billion to PNB, a public sector bank. While Nirav Modi was arrested in London and his extrition process is pending, whereabouts of Neeshal and Parab were t kwn, CBI h said in its application. probe ncy has claimed that Parab was an executive in Nirav Modi's firm.

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Earlier, in its plea seeking to attach property of three accused, central ncy h said that y h left country before case was registered, so warrants against m could t be executed. Meanwhile, a special Prevention of Money Laundering (PMLA) Act court here is likely to pass an order on Thursday on an Enforcement Directorate (ED) plea to declare Nirav Modi a fugitive ecomic offender in case.

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