MUMBAI: A special court on Thursday declared multi-crore PNB scam accused Nirav Modi as a fugitive economic offender. The order was passed by the Prevention of Money Laundering Act ( PMLA) under Fugitive Economic Offenders Act. The Act permits for the confiscation of property of economic offenders who evade prosecution by staying outside the jurisdiction of Indian courts.
The PMLA court further stated that the order on confiscation of his properties will be issued later. It may be recalled that Nirav Modi has been absconding ever since the multi-crore PNB loan fraud case came to fore.
Nirav Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the bank along with his uncle, Mehul Choksi.
The 48-year-old businessman was arrested in March this year by Scotland Yard in connection with the case.
He has not returned to India despite repeated summons from Indian probe agencies and courts.
India is seeking his extradition to make him face the law of the land for allegedly committing economic offences.