ED to seek immediate confiscation of Nirav Modi's assets under new Fugitive Economic Offenders Ordinance

Mumbai, May 28: The Enforcement Directorate (ED) is set to move a special court in Mumbai to seek permission for immediate confiscation of about seven thousand crore rupees assets of PNB scam accused Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance.

The agency will seek an official declaration to categorize Nirav Modi as a fugitive based on its prosecution complaint filed before a special court in Mumbai last week under the Prevention of Money Laundering Act. On May 24, the Directorate had filed its first charge sheet in the over two billion US Dollars PNB fraud case involving Nirav Modi and his associates.

The court is expected to take cognizance of the 12,000-page charge sheet today and the counsel for the agency will subsequently seek its permission to invoke the provisions of the Fugitive Economic Offenders Ordinance against Nirav Modi and immediately begin the procedure to confiscate all his assets in India and abroad.

Nirav Modi and Mehul Choksi are being investigated by the ED for allegedly cheating the Punjab National Bank, the country's second-largest lender, to the tune of more than 13,000 crore rupees.

A court has already issued non-bailable warrants against Modi. The ED has already appealed to Interpol to issue a global arrest warrant against him some time ago. The agency will also initiate similar action against liquor businessman Vijay Mallya.