A special court in Mumbai on Thursday declared diamantaire Nirav Modi, the key accused in the $2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate.
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.
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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. Nirav Modi was remanded again by a court in the UK on Wednesday. He will appear again by video link on January 2 next year.
