PNB case: ED seeks to declare brothers of Nirav Modi, two others as fugitive offenders

The Act allows authorities to confiscate their properties in the country even before the trial begins. The 2018 Act is meant to to attach and confiscate properties and assets of economic offenders like loan defaulters, who have fled the country and have not been present for criminal proceedings against them.

The trial in the case, where accused linked to Modi and others, allegedly for making unlawful financial gains through the issuance of fraudulent Letters of Undertaking from the public sector bank, is yet to begin. The ED had earlier also moved a plea to declare Modi as an FEO. The court had in 2019 allowed the ED plea to declare him an FEO under the Act.

Earlier, the special court had issued a non-bailable warrant against the absconding accused in the case and also declared them as proclaimed offenders.

Against Neeshal, the agency had claimed that he was a partner in firms including Diamonds R US, Solar Exports and Stellar Diamond and had actively participated in appointing dummy partners in these firms in 2016; and had also been a director in Firestar Diamond, in which, the ED had claimed that huge sums were transferred from Hong Kong based companies.

The ED had claimed that money from the alleged fraud was siphoned off and laundered to various overseas companies. It had also claimed that Nehal had participated in concealing the laundered amount.

In 2025, the US authorities had arrested Nehal following an extradition request by India. Nirav is currently in the UK facing extradition proceedings and his uncle, Mehul Choksi, who is also booked in a similar case, also faces extradition proceedings in Belgium.