(Image source from: zeenews.india.com)
Nirav Modi has been declared as the fugitive economic offender under the Fugitive Economic Offenders Act by Prevention of Money Laundering Act(PMLA).
Based on the new act that was signed into law by the President in august 2018 which was made to catch people who flee abroad after comitting financial crimes, Nirav Modi has been arrested as he was involved in the scam involving fake guarantees in the name of state lender securing overseas loans.
Mr. Modi along with his uncle, Mehul Choksi who were involved in the $2 billion Punjab National Bank(PNB) fraud case fled from India in January 2018 before the fraud came into light.
Nirav Modi was earlier arrested in United Kingdom seeking political asylum in Britain though the Indian Government asked for his extraditions. The Enforcement Directorate attached assets of the accused and confiscated under the Fugitive Economic Offenfers Ordination.
The accused is currently in Wandsmorth prison in London, fighting extraditions on the charges related to the fraud case.
Nirav Modi appeared before the Westminster Megistrates court, London, UK on Dec 4.
Judge Branston said to Modi, “We are working toward a final hearing on may 11, 2020”. and the dates for hearing were set from May11 - May 15.
The diamantaire Nirav Modi has to remain in judicial custody pending a full extradition trial. The next remand hearing has been scheduled to Jan 2 2020.
By Shrithika Kushangi