PNB fraud: Nirav Modi declared fugitive economic offender

New Delhi: A special court here on Thursday declared diamantaire Nirav Modi, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate.

Also Read: Nirav Modis judicial custody extended till Nov 11 by London court 

He 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.

Also Read | PNB case: ED attaches Nirav Modi's assets worth Rs 255 cr in Hong Kong

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 USD 2 billion to the public sector bank.

Also Read: Nirav Modi's bail rejected once again

Also Read | PNB Scam: Mehul Choksi breaks silence, calls ED's allegations 'false and baseless'

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

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• #diamantaire
• #Punjab National Bank fraud case
• #PNB fraud case
• #crime
• #National
• #Enforcement Directorate
• #fugitive economic offender