PNB Scam Case: Proclamation Order Issued Against Nirav Modi and Two Others
Once a person is declared a proclaimed offender, the probe agency can begin confiscation of his properties in India.
File photo of Nirav Modi.
Mumbai: A special court here on Wednesday directed Nirav Modi, prime accused in the over USD 2 billion Punjab National Bank (PNB) scam, and two others, to appear before it by January 15, failing which it will proceed to declare them proclaimed offenders.
Special CBI court judge VC Barde issued the proclamation order against Nirav 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.
Once a person is declared a proclaimed offender, the probe agency can begin confiscation of his properties in India.
Nirav 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 USD 2 billion to PNB, a public sector bank.
While Nirav 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 Nirav 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.
Meanwhile, a special Prevention of Money Laundering (PMLA) Act court here is likely to pass an order on Thursday on a Enforcement Directorate (ED) plea to declare Nirav Modi a fugitive economic offendor in the case.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
- Monday 25 November , 2019 How Ajit Pawar May Have Changed Maharashtra’s Political Dynamics | Crux+
- Saturday 09 November , 2019 Launch of Kartarpur Corridor Amidst Indo-Pak Strife | Crux+
- Wednesday 06 November , 2019 Babri Masjid-Ram Mandir Case History | Rare Interviews | Crux Files
- Friday 08 November , 2019 LK Advani: The Architect of Hindutva Politics | Rare Interviews
Live TV
Recommended For You
Shweta Basu Prasad Announces Separation from Husband Rohit Mittal in Less Than a Year of Marriage
Drag Shows, Books and Films: India's Queer Community Comes Together for First Rainbow Lit Fest
Couple in Tamil Nadu Receives Bouquet of Onions from Friends at Their Wedding
India vs West Indies | Virat Kohli Screamer Lights Up Gloomy Day for Fielders
Nike Joyride Dual Run Review: The Running Shoe Revolution is Truly Underway