Nirav Modi opposes plea to declare him fugitive economic offender

PTI, Sep 27, 2019, 10:20 AM IST

Mumbai: Nirav Modi, a key accused in the USD 2 billion PNB fraud case, on Thursday urged a special court here to set aside the Enforcement Directorate’s (ED) plea to declare him a fugitive economic offender.

In July 2018, the central agency filed an application under the newly-promulgated Fugitive Economic Offenders (FEO) Act to declare Modi a fugitive economic offender.

Modi’s lawyers, in their application before special Judge V C Barde, claimed that the ED was relying upon evidence and statements recorded under the Prevention of Money Laundering Act to seek a remedy under the FEO Act.

This was not permissible under the FEO Act, they said.

In a separate plea, Modi claimed that the agency’s plea seeking to confiscate his property too did not comply with the FEO Act.

Similar applications were also moved by Modi’s uncle Mehul Choksi, another absconding accused in the case.

The case is related to alleged fraudulent issuance of Letters of Undertaking to jewelery firms of Modi and Choksi which caused a loss of over USD 2 billion to the Punjab National Bank, a public sector lender.