Mumbai: In a boost for Indian investigating agencies, a special PMLA court here proclaimed absconding diamantaire Nirav Modi, one of the prime accused in the Rs 13,500 crore Punjab National Bank scam of 2017, as a ‘fugitive economic offender’ here on Thursday.
“With this, he becomes only the second accused so far under the Fugitive Economic Offenders Act (FEOA) to have been declared a ‘fugitive economic offender’ after another accused, Vijay Mallya,” Special Counsel for Enforcement Directorate (ED) Hiten Venegaonkar told IANS.
The significant order came a day after his uncle and co-accused in the PNB scam – Mehul Choksi – suffered a huge setback when the Bombay High Court rejected his plea to stay the special PMLA court proceedings where the ED is seeking to declare him as a ‘fugitive economic offender’.
Liquor baron and former chief of Kingfisher Airlines, Mallya, was declared a ‘fugitive economic offender’ by a Mumbai special court in January this year.
