Nirav Modi declared fugitive economic offender

Absconding businessman and diamantaire Nirav Modi has been declared as a "fugitive economic offender" by a special court in Mumbai on Thursday.

Modi (48) is the mastermind of the Rs 13,500 crore Punjab National Bank (PNB) scam and is wanted by various agencies including the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI).

Modi is the second Indian to be declared "fugitive economic offender"—the earlier being Vijay Mallya, who got the dubious distinction in January this year.

Modi was declared a "fugitive economic offender" under the Fugitive Economic Offenders Act by a special court set up under the Prevention of Money Laundering Act (PMLA).

The PNB scam came to light in January 2018. Since then Modi has been evading Indian agencies. He was arrested in London in March 2019 and is under judicial custody. In fact, both Modi and Mallya who are wanted in different cases, are facing extradition proceedings.

Modi and his maternal uncle Mehul Choksi are prime accused in PNB fraud case. The PMLA court order declaring Modi a "fugitive economic offender" came a day after the Bombay High Court rejected his uncle's plea to stay the special PMLA court proceedings, on a similar move.

Another absconder, liquor baron and former chief of the Kingfisher Airlines Ltd, Mallya, was declared a ‘fugitive economic offender’ by a Mumbai Special Court in January this year.

Additional Sessions Judge V C Barde, who presides over a special PMLA court, said: "...the proclamation envisaged by Section 82 of the CrPC shall be issued as the accused absconded and concealing themselves to avoid execution of the warrant."

Besides Modi, his brother Neeshal Modi and an accomplice Subhash Parab are directed to appear before the special court by 15 January, in a plea filed by the CBI in August to declare the trio as ‘fugitive economic offenders’.

If Modi's brother and Parab also fail to honour the special court’s summons, they are also liable to be proclaimed as ‘fugitive economic offenders’ and the CBI can initiate measures to attach all their known assets/ properties under the new law.

India is currently making efforts to extradite Modi from the UK and his uncle Choksi from Antigua and Barbuda Isles where he is now a citizen, to come and face the law back here.