New Delhi41 minutes ago
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Now the troubles of the family of Nirav Modi, the main accused in the ₹23,780 crore scam of Punjab National Bank (PNB), are going to increase further. A special court in Mumbai has issued notice to Nirav Modi’s two brothers, Neeshal and Nihal Modi. The court has asked him why he should not be declared a ‘Fugitive Economic Offender’ (FEO)?
The Enforcement Directorate (ED) had filed an application in the court demanding that both the brothers be declared fugitives. Special judge AV Gujarati issued the notices on Wednesday. The court has sent similar notices not only to the brothers but also to senior officials of Nirav Modi’s company – Aditya Nanavati and Sandeep Mistry. All of them will have to give their answers by May 7.
What is PNB scam?
This is one of the biggest scams in the banking history of the country. Diamond trader Mehul Choksi and his nephew Nirav Modi are accused of embezzling more than ₹23,780 crore through fake Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) by bribing bank officials.
Nirav Modi: Currently lodged in London jail.
Mehul Choksi: Facing extradition proceedings in Belgium.
What are the allegations against Nihal and Neeshal? According to the ED chargesheet, both brothers of Nirav Modi played an important role in disposing of the scam money:
Nihal Modi: ED claims that Nihal helped Nirav Modi hide and divert crores of rupees through fake companies and foreign transactions. Nihal was arrested in the US in 2025 and is currently facing extradition proceedings there.
Neeshal Modi: According to the investigating agency, Neeshal was involved in the appointment of dummy partners in Dubai-based fake companies. Between 2011 and 2013, he was a signatory or beneficiary of several fake companies.
Why is the date of May 7 important?
The court has given time till May 7 to Nirav Modi’s close relatives. If they do not give satisfactory answers or do not appear before the court, they will be declared absconders. After this, the Indian government will be able to speed up the process of completely confiscating their global assets.
What will happen if he is declared a fugitive?
Once the court officially declares a person a ‘fugitive economic offender’, the investigating agencies get the legal right to attach or seize the properties of that person in the country and the world. Nirav Modi was declared a fugitive by the court in the year 2019 itself, while a similar application is still pending against his maternal uncle Mehul Choksi.
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Read this news also…
New appeal to stop extradition of fugitive Nirav Modi: India does not want to be involved in PNB scam of Rs 6,498 crore; British court has already approved
Fugitive diamond trader Nirav Modi has filed a fresh appeal in a London court to stay his extradition. India’s ED and CBI teams are also present in London. She is assisting the Crown Prosecution Service (CPS) to oppose Nirav’s appeal.
Nirav has been declared a fugitive economic offender in India and is wanted to face trial in the Punjab National Bank fraud case. Nirav is accused of fraud of more than Rs 6,498 crore. A British court has already approved his extradition in favor of the Indian government. Read the full news…
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