MUMBAI, Dec. 5 -- A Mumbai court on Thursday declared diamond merchant Nirav Modi, key accused in the $2 billion Punjab National Bank (PNB) scam, a "fugitive economic offender" on a plea by the Enforcement Directorate (ED).
The declaration, made under the Fugitive Economic Offenders (FEO) Act, paves the way for confiscation of his properties.
Modi is the second high-profile businessman after liquor tycoon Vijay Mallya to be declared a fugitive economic offender under the FEO Act, which came into existence in August 2018.
Special judge for Prevention of Money Laundering Act (PMLA) cases VC Barde declared Nirav Modi an FEO after hearing extensive arguments.
Under the FEO Act, a person can be declared a fugitive offender if a warrant has b...