PNB Fraud Case
A special Prevention of Money Laundering Act (PMLA) court in South Mumbai allowed an extradition application filed by the Enforcement Directorate (ED) for bringing fugitive jeweller Nirav Modi back to the country to face trial in the Punjab National Bank multi-crore fraud case.
The agency had filed an application in court yesterday on the grounds that a Non-Bailable Warrant (NBW) has been issued against Modi by the court and he has been issued summons by the ED under a section of the PMLA Act during investigation of the matter. Section 50 of the Act empowers a high-ranking authority to summon any person he considers necessary during investigation.
The extradition was also sought on the grounds that a complaint has also been filed against Modi but he is not available for trial. With the court allowing the extradition application, the extradition process can be set in motion.
Nirav Modi is currently believed to be in UK. The ED had filed their first prosecution complaint before the court against Modi and several others accused in the PNB fraud case at the end of May. Later, a second complaint was filed.
The Punjab National Bank fraud case pertains to an over Rs 13,000 crore scam in which companies owned by Nirav Modi and his uncle Mehul Choksi in connivance with bank officials made fraudulent transactions which caused a loss to the public sector bank.