Punjab National Bank fraud: PMLA court issues open-ended non-bailable warrant against Nirav Modi and 12 other accused

Nirav Modi and others are being probed under various criminal laws after the fraud came to light in January

Press Trust of India July 28, 2018 12:39:50 IST
Punjab National Bank fraud: PMLA court issues open-ended non-bailable warrant against Nirav Modi and 12 other accused

Mumbai: A court in Mumbai on Friday issued an open-ended non-bailable warrant (NBW) against fugitive diamantaire Nirav Modi and others in cases related to the over $2 billion fraud at the Punjab National Bank (PNB).

Special judge for Prevention of Money Laundering Act (PMLA) cases M S Azmi ordered the issuance of the NBW against Modi and 12 other absconding accused, including Modi's family members.

The Enforcement Directorate (ED) had moved the court for an open-ended NBW against them, saying the previous warrant could not be executed in time and it expired yesterday.

The court had issued the previous NBW on 12 June after taking cognisance of a chargesheet filed by the ED.

Punjab National Bank fraud PMLA court issues openended nonbailable warrant against Nirav Modi and 12 other accused

A file photo of Nirav Modi. News18

An "open-ended" warrant does not have an expiry date.

Modi and others are being probed under various criminal laws after the fraud came to light in January.

Modi and others had allegedly fraudulently obtained Letters of Undertaking (LoUs) from the PNB in connivance with some bank officials. The fraud is pegged at over $2 billion.

An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad for granting a short-term credit to the applicant.An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad for granting a short-term credit to the applicant.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Farooq Abdullah appears again before ED for questioning in J&K Cricket Association scam
India

Farooq Abdullah appears again before ED for questioning in J&K Cricket Association scam

Wednesday's questioning comes on the heels of the former Jammu and Kashmir chief minister being quizzed by the Central agency for over six hours on Monday

ED questions Farooq Abdullah in money-laundering case; Omar, Mehbooba Mufti call it ‘political vendetta’
India

ED questions Farooq Abdullah in money-laundering case; Omar, Mehbooba Mufti call it ‘political vendetta’

Omar Abdullah also clarified that no raids were being conducted at Farooq Abdullah’s residence.

Delhi violence: ED files chargesheet against Tahir Hussain in money laundering case
India

Delhi violence: ED files chargesheet against Tahir Hussain in money laundering case

The agency was probing the allegation that Hussain and people linked to him laundered funds to the tune of about Rs 1.1 crore to fuel protests against CAA and the subsequent violence