Punjab Nationwide Financial institution fraud: PMLA courtroom points open-ended non-bailable warrant in opposition to Nirav Modi and 12 different accused
Particular decide for Prevention of Cash Laundering Act (PMLA) instances M S Azmi ordered the issuance of the NBW in opposition to Modi and 12 different absconding accused, together with Modi’s relations.
The Enforcement Directorate (ED) had moved the courtroom for an open-ended NBW in opposition to them, saying the earlier warrant couldn’t be executed in time and it expired yesterday.
The courtroom had issued the earlier NBW on 12 June after taking cognisance of a chargesheet filed by the ED.
An “open-ended” warrant doesn’t have an expiry date.
Modi and others had allegedly fraudulently obtained Letters of Enterprise (LoUs) from the PNB in connivance with some financial institution officers. The fraud is pegged at over $2 billion.
An LoU is a assure given by an issuing financial institution to Indian banks which have branches overseas for granting a short-term credit score to the applicant.An LoU is a assure given by an issuing financial institution to Indian banks which have branches overseas for granting a short-term credit score to the applicant.