The Prevention of Money Laundering Act (PMLA) Special Court in Mumbai on Thursday has declared the runaway diamantaire Nirav Modi as fugitive economic offender under the Fugitive Economic Offenders Act.
The court made this declaration on the plea of Enforcement Directorate. Nirav Modi is the prime accused in the Punjab National bank (PNB) fraud case which involves $.2 billion.
Nirav Modi was arrested by Scotland yard in March this year and is lodged at Wandsworth prison in London.
Nirav Modi is the second businessman after Vijay Mallya to be declared as fugitive economic offender under the act which was passed in August. Under the new act the authorities can confiscate the property of offenders who evade prosecution.
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