Fugitive Economic Offender Notices Served to Neeshal and Nehal Modi in PNB Scam

A special court has issued notices to Neeshal and Nehal Modi, brothers of absconding diamond businessman Nirav Modi, demanding explanations for why they should not be declared 'fugitive economic offenders' in connection with the Punjab National Bank (PNB) scam. The action follows the Enforcement Directorate (ED) seeking their declaration under the Fugitive Economic Offenders (FEO) Act, presented to Judge A V Gujarathi on Wednesday.

Enforcement Directorate's pleas are bolstered by documentation, including charges of their involvement in deceiving the bank of over Rs 23,780 crore with fake transactions. Neeshal and Nehal, currently in Belgium, allegedly participated in imaginary partnerships and misused funds through constructed companies overseas, aiding in large-scale money laundering.

Notice recipients, including Nirav’s firm executives Aditya Nanavati and Sandeep Mistry, are to respond by May 7. A 'fugitive economic offender' declaration allows authorities to confiscate assets. Meanwhile, Nehal faces extradition from the US, and Mehul Choksi is challenged by extradition proceedings in Belgium. Nirav Modi remains imprisoned in the UK.