Udayavni Special

PNB scam: Court issues show cause notice to Nirav Modi


Team Udayavani, May 13, 2021, 3:35 PM IST

Mumbai: A special court here has issued a public notice to fugitive diamond merchant Nirav Modi, wanted in India for alleged fraud and money laundering in the PNB scam case, asking why his properties should not be confiscated under the Fugitive Economic Offenders (FEO) Act.

Special Judge V C Barde has also asked Modi to appear before the court on June 11.

The court said if the accused failed to appear, it will proceed with action against him under the FEO Act.

The special court had in December 2019 declared Nirav Modi a fugitive economic offender, on a plea of the Enforcement Directorate (ED), which is conducting a probe into the case.

“I, V C Barde, Special Judge, PMLA, 2002 and Fugitive Economic Offenders Act, 2018, issue NOTICE to you to show cause as to why the properties mentioned in the application (ED’s plea), in which you have pecuniary interest and/or otherwise, should not be confiscated under the said Act,” the recent notice said.

A similar notice was also issued to Nirav Modi”s wife Ami, sister Purvi and brother-in-law Maiank Mehta.

The notice said the family members have been enumerated as “interested person” in the application.

The investigating agency has alleged that Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated the Punjab National Bank (PNB) to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

The LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to a group of companies belonging to Nirav Modi since March 2011, till the case came to light.

Under the FEO Act, a person can be declared a fugitive economic offender if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

State reports 5,783 new Covid-19 cases, 168 deaths; DK crosses 1000 Covid mark again

Mangaluru: Man arrested for insulting Tulunadu flag

Joe Biden gifts Vladimir Putin pair of iconic American-made aviators

Police investigating MLA’s allegation of phone tapping & conspiracy to fix him: Min Bommai

No political crisis at all in Karnataka, says CM Yediyurappa

Bharat Biotech’s pre-submission meeting for Covaxin EUL with WHO on June 23

‘Baba Ka Dhaba’ owner Kanta Prasad hospitalised after suicide attempt



Related Articles More

PM has lost moral authority to rule; he failed to stand with people needing medical help: Sibal

Apollo Hospitals begins vaccinating employees with Sputnik V

IIT-G and JNU researchers find SARS-CoV-2 in water bodies at Ahmedabad

PM Modi wishes people on Jyeshtha Ashtami

COVID Vaccine not mandatory for US-bound students: MEA

MUST WATCH

Impact of COVID-19 on public transport

Udayavani 18-JUN-2021 News Bulletin

Scenic views of Jog Falls

ಯಾರೋ ಒಬ್ಬಿಬ್ಬರು ಮಾತನಾಡಿದರೆ ಗೊಂದಲವಾಗುವುದಿಲ್ಲ CM B S Yediyurappa

Weekend Curfew Rules and Regulations in Udupi

Latest Additions

State reports 5,783 new Covid-19 cases, 168 deaths; DK crosses 1000 Covid mark again

Mangaluru: Man arrested for insulting Tulunadu flag

Bengaluru likely to receive rain in next 24 hours: IMD

Karnataka govt dismisses BJP MLC’s Rs 21,473 cr tender scam allegation

Hyundai drives in new SUV Alcazar at Rs 16.3 lakh

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.