Mumbai, Dec 5 (UNI) A special PMLA Court here on Thursday proclaimed the absconding diamantaire Nirav Modi, one of the prime accused in the Rs 13,500-crore Punjab National Bank scam of 2017, as a Fugitive Economic Offender(FEO).

'With this, he becomes only the second accused so far under the Fugitive Economic Offenders Act (FEOA) to have been declared a 'fugitive economic offender' after another accused Vijay Mallya,' Special Counsel for Enforcement Directorate (ED) Hiten Venegaonkar told the mediapersons here.

The significant order comes a day after his uncle and co-accused in the PNB scam suffered a huge setback when Bombay High Court rejected his plea to stay the special PMLA Court proceedings where the ED is seeking to declare him as a FEO.

Another absconder, liquor baron and former chief of the Kingfisher Airlines Ltd, Mallya, was declared a FEO by a special court here in January.

Today’s huge setback to Modi came a day after Special PMLA Judge V C Barde said, 'The proclamation envisaged by Sec. 82 of the CrPC shall be issued as the accused absconded and concealing themselves to avoid execution of warrant.'

Besides Modi, his brother Neeshal Modi and an accomplice Subhash Parab are directed to appear before the Special Court by January 15, in a plea filed by the CBI in August to declare the trio as FEOs.

If the two others also fail to honour the Special Court’s summons, then they are liable to be proclaimed as FEOs, and the CBI can initiate measures to attach all their known assets/properties under the FEOA.
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