ED moves court seeking fugitive offender tag against Nirav Modi, Choksi

Source: The Hitavada      Date: 12 Jul 2018 09:51:33


 

MUMBAI,

THE Enforcement Directorate (ED) on Wednesday moved a special PMLA court here seeking to declare diamond traders Nirav Modi and Mehul Choksi as ‘fugitive economic offenders’ and to confiscate their assets worth Rs 3,500 crore in the USD 2 billion PNB fraud case, officials said.


They said two separate applications, under the recently promulgated Fugitive Economic Offenders Ordinance, were filed against the duo before the court that hears matters under the Prevention of Money Laundering Act (PMLA).
The agency had early this month moved a similar application against businessman Vijay Mallya in the Rs 9,000-crore alleged bank loan fraud case and the court recently issued summons to him for August 27 under the new ordinance.


The fresh application seeks to immediately confiscate assets worth about Rs 3,500 crore of Nirav Modi and Choksi and their companies. The agency seeks to confiscate assets, both movable and immovable, including those located in the United Kingdom and the UAE.


The move has been made on the basis of the two PMLA charge sheets filed by the agency against the two designer diamond jewellers on charges of alleged money laundering.