Nirav Modi Opposes Plea To Declare Him Fugitive Economic Offender
Nirav Modi, a key accused in the $2 billion Punjab National Bank fraud case, on Thursday urged a special court in Mumbai to set aside the Enforcement Directorate's plea to declare him a fugitive economic offender.
In July 2018, the central agency filed an application under the newly-promulgated Fugitive Economic Offenders Act to declare Modi a fugitive economic offender.
Modi's lawyers, in their application before special Judge VC Barde, claimed that the ED was relying upon evidence and statements recorded under the Prevention of Money Laundering Act to seek a remedy under the FEO Act.
This was not permissible under the FEO Act, they said.
In a separate plea, Modi claimed that the agency's plea seeking to confiscate his property too did not comply with the FEO Act.
Similar applications were also moved by Modi's uncle Mehul Choksi, another absconding accused in the case.
The case is related to alleged fraudulent issuance of Letters of Undertaking to jewellery firms of Modi and Choksi which caused a loss of over $2 billion to the PNB.