GNP fraud: Nirav Modi declared a fugitive economic criminal
MUMBAI: A special court here on Thursday declared diamantaire Nirav Modi , the key defendant in the case of fraud of the National Bank Punjab (GNP) of $ 2 billion, a fugitive economic criminal (FEO), in a plea from the Directorate of Execution (ED).
He is the second businessman after Vijay Mallya to be declared a fugitive economic criminal under the provisions of the new Fugitive Economic Criminal Law, which entered into force 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 $ 2 billion to the public sector bank.
Nirav Modi was earlier arrested in London and his extradition process is pending.