PNB loan scam: Proclamation order issued against Nirav Modi, 2 others; trio directed to appear before Mumbai court by 15 January

  • Special CBI court judge V C Barde issued the proclamation order against Modi, his brother Neeshal Modi and a close associate Subhash Parab

  • Once a person is declared a proclaimed offender, the probe agency can begin confiscation of his properties in India

  • A special PMLA court is likely to pass an order on Thursday on an ED plea to declare Modi a fugitive economic offender in the case

Mumbai: A special court here on Wednesday directed Nirav Modi, prime accused in the over $2 billion Punjab National Bank (PNB) scam, and two others, to appear before it by 15 January, failing which it will proceed to declare them proclaimed offenders.

Special CBI court judge VC Barde issued the proclamation order against Modi, his brother Neeshal Modi and a close associate Subhash Parab, directing them to remain present before it by mid-January.

As per the law, once a court issues a proclamation order, the accused needs to remain present before it within the stipulated deadline, failing which it can proceed to declare the accused a proclaimed offender.

 PNB loan scam: Proclamation order issued against Nirav Modi, 2 others; trio directed to appear before Mumbai court by 15 January

A file photo of Nirav Modi. News18

Once a person is declared a proclaimed offender, the probe agency can begin confiscation of his properties in India.

Modi and his uncle Mehul Choksi are the prime accused in the case, which is related to alleged fraudulent issuance of Letters of Undertaking that caused a loss of over $2 billion to PNB, a public sector bank.

While Modi was arrested in London and his extradition process is pending, the whereabouts of Neeshal and Parab were not known, the CBI had said in its application.

The probe agency has claimed that Parab was an executive in Modi's firm.

Earlier, in its plea seeking to attach the property of the three accused, the central agency had said that they had left the country before the case was registered, so the warrants against them could not be executed.

A special Prevention of Money Laundering Act (PMLA) court here is likely to pass an order on Thursday on an Enforcement Directorate (ED) plea to declare Modi a fugitive economic offender in the case.

 

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Updated Date: Dec 05, 2019 10:18:12 IST