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PNB scam: Court issues show cause notice to Nirav Modi

PNB scam: Court issues show cause notice to Nirav Modi
Nirav Modi
MUMBAI, MAY 13 (PTI): | Publish Date: 5/13/2021 12:28:04 PM IST

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

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

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

The special court had in December 2019 declared NiravModi a fugitive economic offender, on a plea of theEnforcement Directorate (ED), which is conducting a probe intothe case.”I, V C Barde, Special Judge, PMLA, 2002 and Fugitive

Economic Offenders Act, 2018, issue NOTICE to you to showcause as to why the properties mentioned in the application(ED’s plea), in which you have pecuniary interest and/orotherwise, should not be confiscated under the said Act,” therecent notice said.

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

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

The investigating agency has alleged that Nirav Modiand his uncle Mehul Choksi, in connivance with certain bankofficials, allegedly cheated the Punjab National Bank (PNB) tothe tune of Rs 14,000 crore through issuance of fraudulentLetters of Undertaking (LoUs).

The LoUs were allegedly issued in a fraudulent mannerby a Mumbai branch of the PNB to a group of companiesbelonging to Nirav Modi since March 2011, till the case cameto light.

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

 

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