Mumbai: Fugitive Economic Offenses Act (PMLA) court of Mumbai has declared diamond trader Nirav Modi as a fugitive economic offender. Nirav Modi is accused of cheating Punjab National Bank (PNB) for Rs 13 thousand crore. After being declared an economic criminal, the process of confiscating his properties can begin. The order to seize the property can be issued on 10 January.
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Last month, the Mumbai Debts Recovery Tribunal-I (DRTI) directed Nirav Modi, his group companies and others to repay the PNB dues of Rs 7,030 crore for the last nearly two years. Earlier, on 22 November, the DRTI had also issued instructions to Nirav Modi and other accused to pay interest at the rate of 14.30 percent on the entire amount from 30 June 2018.
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Diamond businessman Nirav Modi and his close relative Ami N. Modi, Nishal D. Modi, Deepak K. Modi, Nehal D. Modi, Rohin N. Modi, Ananya N. Modi, Apasha N. Notices have been issued to Modi and Eastern Mayank Mehta. Apart from this, notices have also been issued to Nirav's group companies in the same case.
