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Court gives 30 days' time for NIMo, Choksi to appear in court or be declared 'fugitive offenders'

Tuesday, July 17, 2018
By Bhavna Uchil

PNB fraud case

The ED had moved an application to declare them so last week

A special Prevention of Money Laundering (PMLA) court on Thursday gave 30 days' time for jewellery businessman Nirav Modi and his uncle and owner of Gitanjali Group, Mehul Choksi to present themselves before court or be declared as 'fugitive economic offender' under the new ordinance.

The Enforcement Directorate (ED) had moved an application before the special court a day earlier in this regard under sections of the new Fugitive Economic Offenders Ordinance, 2018. Once declared a 'fugitive offender', the government has the power to seize and sell all domestic assets of such a person. If they return to India and submit to the court before being declared as 'fugitive offenders', all proceedings under the Act would cease.

The same court had earlier given a nod for starting the extradition process of Nirav Modi, again on an application by the agency.

The diamantaires are accused of defrauding the public sector Punjab National Bank to the tune of over Rs 13,000 crore by making fraudulent transactions through their companies in connivance with some bank officials.

Executives of Choksi's company granted bail
A special CBI court on Monday allowed the bail application of Nitin Shahi, who worked as Assistant Finance Executive for Mehul Choksi's company Gitanjali Gems Ltd. Shahi has been in judicial custody since his arrest on February 20, 2018. Last week, the special court granted bail to Vipul Chitalia, who was Vice-President, Banking Operations of the company. Chitalia had been in judicial custody since his arrest in early March this year.

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