Mumbai: Wanted diamantaire Nirav Modi was declared a fugitive economic offender on Thursday by a special court for evading persecution in the Punjab National Bank (PNB) scam.
The Prevention of Money Laundering Act ( PMLA) court here has declared him the fugitive economic offender under Fugitive Economic Offenders Act.
The Act permits for confiscation of property of economic offenders who evade prosecution by staying outside the jurisdiction of Indian courts. the court would order confiscation of his properties later.
Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the bank along with his uncle, Mehul Choksi.
Modi, 48, was arrested in March this year by Scotland Yard in connection with the case.
He has not returned to India despite repeated summons from Indian probe agencies and courts.
India is seeking his extradition to make him face the law of the land for allegedly committing economic offences.