Punjab Nationwide Financial institution fraud: PMLA courtroom points open-ended non-bailable warrant in opposition to Nirav Modi and 12 different accused


Mumbai: A courtroom in Mumbai on Friday issued an open-ended non-bailable warrant (NBW) in opposition to fugitive diamantaire Nirav Modi and others in instances associated to the over $2 billion fraud on the Punjab Nationwide Financial institution (PNB).

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.

A file photograph of Nirav Modi. Information18

An “open-ended” warrant doesn’t have an expiry date.

Modi and others are being probed beneath numerous prison legal guidelines after the fraud got here to gentle in January.

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.



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