Diamond merchant Nirav Modi was declared a fugitive economic offender by a Mumbai court on Thursday, PTI reported. The Enforcement Directorate had sought the tag for him under the Fugitive Economic Offenders Act, which came into effect last year.
Modi is the second businessman after Vijay Mallya to get the tag.
Modi is accused of duping Punjab National Bank of more than Rs 13,000 crore. His uncle Mehul Choksi is also a prime accused in the case.
The Central Bureau of Investigation is looking into the criminal charges under the Prevention of Corruption Act and the Indian Penal Code. The Enforcement Directorate is pursuing the money trail and has attached a large number of assets in India and abroad in the case.
The businessman, who fled to the United Kingdom in 2018, was arrested in London earlier this year. Four bail applications have been posted by his legal team since his arrest but they have been rejected every time as he is deemed a flight risk. Modi is facing an extradition trial, which will begin in May 2020.