The Prevention of Money Laundering Act (PMLA) has declared Punjab and National Bank scam accused Nirav Modi a fugitive economic offender under the Fugitive Economic Offenders Act. Order on confiscation of his properties would happen later.
The fugitive diamantiare who is wanted in the $2 billion PNB fraud case was declared a fugitive offender on a plea by the Enforcement Directorate.
Modi is the second businessman after Vijay Mallya to be declared a fugitive economic offender under the provisions of the new act which came into existence in August last year.
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.
Nirav Modi was earlier arrested in London and his extradition process is pending.
The diamantaire at an appearance at a UK court had threatened to take his life if he were to be extradited to India. He also stated that he was threatened and assaulted by two prison inmates. Modi's counsel had also said that Modi was suffering from depression and anxiety. The defence expressed concerns over Modi's medical condition being leaked to the press and claimed that it had its genesis in the investigating agencies of the Indian government.