In order to tighten noose on the business tycoon Nirav Modi, a Special Prevention of Money Laundary Act (PMLA) court in Mumbai on Tuesday issued a non-bailable warrant against Nirav in relation to the Punjab National Bank fraud case involving a total of more than Rs 13,000 crore. The decision to issue non-bailable warrant against the Nirav Modi was taken by the court after taking cognisance of a chargesheet filed in the case by the Enforcement Directorate. Earlier, the UK government confirmed that Nirav Modi was residing there. Many reports had previously indicated that Nirav Modi had taken shelter in Dubai, then he went to US and now, he is residing in UK.
Meanwhile, the law enforcement agencies in India including the CBI has approached the Interpol to issue a red-corner notice against Nirav Modi and is trying to deport to him from his present location. Salman Azmee judge, Special Prevention of Money Laundering Act (PMLA) on Tuesday issued the non-bailable warrant against Nirav Modi and 10 others which also including his family members.
According to reports, the Enforcement Directorate had accused Nirav Modi of setting dummy companies overseas to divert funds received fraudulently from Punjab National Bank. Reports say that he had set up around 15 dummy companies to divert funds.
Previously, the Enforcement Directorate, CBI and other law enforcement agencies had raided several Nirav Modi properties and business in the country and seized his wealth in order to compensate the loss.
Nirav Modi and his family members had left India earlier this year even before the PNB fraud had surfaced. The issue has also become a topic for political slug fight between two major parties BJP and Congress, where both the parties accuse each other for business failure in the country and on people like Nirav Modi escaping the country.