PNB fraud case: Nirav Modi declared fugitive economic offender

Nirav Modi, the key accused in the Punjab National Bank (PNB) fraud case was declared a fugitive economic offender by a special court on Thursday (December 5).

The declaration was made due to the plea put forth by the Enforcement Directorate after Nirav Modi was arrested in London with his extradition process still pending.

Also read: Nirav Modi case: CBI team to leave for London

He is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders 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 in which the alleged fraudulent issuance of Letters of Undertaking caused a loss of over $2 billion to the public sector bank.