New Delhi: The Prevention of Money Laundering Act (PMLA) court in Mumbai on Monday (June 8) gave a major blow to fugitive diamond trader Nirav Modi and ordered confiscation his of properties worth Rs 1400 crore. Nirav Modi is the key accused in the Punjab National Bank (PNB) fraud case worth over Rs 13,000 crore.
Earlier in December 2019, the diamond trader was declared as a fugitive economic offender. Currently, Nirav Modi is languishing in London’s Wandsworth prison since his arrest on March 19, 2019. He is accused of being the principal beneficiary of the fraudulent issuance of letters of undertaking (LoUs) in the PNB scam.
Nirav Modi has applied for bail five times but all pleas were rejected.
Earlier on May 11, the 49-year-old appeared before a court in London via video conferencing due to the social distancing procedures put in place across the UK courts in view of the COVID-19 pandemic.
In the wake of the PNB scam, Nirav Modi and his uncle Mehul Choksi of the Geetanjali Group are being investigated by the Enforcement Directorate and the Central Bureau of Investigation. The ED had filed a chargesheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai.