Nirav Modi declared fugitive financial offender in PNB fraud case

Nirav Modi. File

Nirav Modi. File

Nirav Modi was before arrested in London and his extradition procedure is pending.

A unique court docket on Thursday declared absconding diamantaire Nirav Modi, primary accused in the Punjab Nationwide Bank scam, a fugitive economic offender (FEO).

The declaration permits the govt to initiate action to confiscate the offender’s attributes.

On January 5, Vijay Mallya turned the first FEO under the new Fugitive Financial Offenders Act. The Enforcement Directorate (ED) experienced filed an software on July 10, 2018, in search of to declare him an FEO.

Modi said, “The motivation for the prosecution by PNB is (a) the motivation of the financial institution (the Complainant) to stay away from its legal responsibility to its co-bankers (b) to put the blame on previous steps by present administration to prevent any criticism regarding very poor fiscal overall performance by PNB Financial institution.”

Nirav Modi and his uncle Mehul Choksi are the primary accused in the PNB fraud circumstance, related to alleged fraudulent issuance of Letters of Undertaking that prompted a loss of above $two billion to the community sector lender.

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

The 48-12 months-outdated had moved but one more bail software very last month with an unprecedented house arrest promise, akin to individuals imposed on terrorist suspects, as well as citing mental overall health concerns from remaining at the rear of bars at Wandsworth Prison in south-west London considering that his arrest in March.

But the bail plea was turned down by Main Justice of the peace Emma Arbuthnot more than continued fears of witness intimidation and failure to surrender prior to the court for his extradition demo in May perhaps 2020.

“The previous is a prediction of what might materialize in the long run,” Judge Arbuthnot explained at the previous hearing on November 6.

The U.K.’s Crown Prosecution Service (CPS), which signifies the Indian governing administration in the extradition proceedings, reported there is no more prospect of an charm for bail in a greater court docket as the U.K. Significant Court docket has now turned down Nirav Modi’s plea before this yr.

“You only get to go at the time and just can’t maintain pleasing above and in excess of,” a CPS spokesperson said.

(With inputs from PTI)

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