MUMBAI: A court here on Friday issued an open-ended non-bailable warrant (NBW) in opposition to fugitive diamantaire Nirav Modi and others in instances associated with the over $2 billion fraud at the Punjab National Bank (PNB).
Special judge for Prevention of Money Laundering Act (PMLA) instances M S Azmi ordered the issuance of the NBW in opposition to Modi and 12 other absconding accused, including Modi's members of the family.
The Enforcement Directorate (ED) had moved the court for an open-ended NBW in opposition to them, saying the former warrant may no longer be executed in time and it expired the day prior to this.
The court had issued the former NBW on June 12 after taking cognisance of a chargesheet filed by means of the ED.
An "open-ended" warrant does no longer have an expiry date.
Nirav Modi and others are being probed below various criminal regulations after the fraud came to light in January.
Nirav Modi and others had allegedly fraudulently obtained Letters of Undertaking (LoUs) from the PNB in connivance with some bank officials. The fraud is pegged at over $2 billion.
An LoU is a ensure given by means of an issuing bank to Indian banks that have branches out of the country for granting a temporary credit score to the applicant.
Special judge for Prevention of Money Laundering Act (PMLA) instances M S Azmi ordered the issuance of the NBW in opposition to Modi and 12 other absconding accused, including Modi's members of the family.
The Enforcement Directorate (ED) had moved the court for an open-ended NBW in opposition to them, saying the former warrant may no longer be executed in time and it expired the day prior to this.
The court had issued the former NBW on June 12 after taking cognisance of a chargesheet filed by means of the ED.
An "open-ended" warrant does no longer have an expiry date.
Nirav Modi and others are being probed below various criminal regulations after the fraud came to light in January.
Nirav Modi and others had allegedly fraudulently obtained Letters of Undertaking (LoUs) from the PNB in connivance with some bank officials. The fraud is pegged at over $2 billion.
An LoU is a ensure given by means of an issuing bank to Indian banks that have branches out of the country for granting a temporary credit score to the applicant.
Open-ended warrant issued against Nirav Modi in ED case
Reviewed by Kailash
on
July 27, 2018
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