A Mumbai court on Friday issued an open-ended non-bailable warrant (NBW) against fugitive diamantaire Nirav Modi and others in cases related to the over USD 2 billion fraud at the Punjab National Bank (PNB).
Special judge for Prevention of Money Laundering Act (PMLA) cases M S Azmi ordered the issuance of the NBW against Modi and 12 other absconding accused, including Modi’s family members.
The Enforcement Directorate (ED) had moved the court for an open-ended NBW against them, saying the previous warrant could not be executed in time and it expired on Thursday.
The court had issued the previous NBW on June 12 after taking cognisance of a chargesheet filed by the ED. An “open-ended” warrant does not have an expiry date.
Modi and others are being probed under various criminal laws after the fraud came to light in January.
Modi and others had allegedly fraudulently obtained Letters of Undertaking (LoUs) from the PNB in connivance with some bank officials. The fraud is pegged at over USD 2 billion.
An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad for granting a short-term credit to the applicant.