New Delhi, Dec. 5 -- Accused of defrauding the Punjab National Bank of more than Rs 10,000 crore by scamming software that is used by banks worldwide, billionaire businessman Nirav Modi has been declared a fugitive economic offender. A special court in Mumbai gave Nirav Modi, the tag, who currently is under arrest in the United Kingdom.

The tag, targeted at those fleeing India to escape prosecution, allows the Indian probe agencies to seize and attach properties of the accused.

A Prevention of Money Laundering Act court in Mumbai declared him a fugitive economic offender. After Vijay Mallya, accused of fraud and defaulting on bank loans to the account of Rs 9,000 crore, Nirav Modi is the second person to be given the tag of a fugitive e...