FATF recognises India’s Enforcement Directorate in fighting financial crime
This recognition underscores India's growing influence in shaping international standards for asset recovery and financial crime enforcement.
This recognition underscores India's growing influence in shaping international standards for asset recovery and financial crime enforcement.
A CBI officer said the investigating agencies are aware of the possibility that Mallya, being a former Rajya Sabha Member, could seek political asylum in the UK.
With this, Nirav Modi becomes only the second accused so far under the Fugitive Economic Offenders Act (FEOA) to have been declared a 'fugitive economic offender' after Vijay Mallya.
The ED booked him in 2016 on an FIR filed by the National Investigation Agency (NIA) under the Unlawful Activities Prevention Act (UAPA).
Mallya's latest social media comments follow a recent interview in which Prime Minister Modi said that recovering an amount more than what Mallya defrauded was a big win for India.
Mallya now becomes the first tycoon to be named an economic offender under the Fugitive Economic Offenders Act, 2018 – the new law that aims to prevent financial fraud.
It revealed shocking details of how Nirav Modi and his uncle, Mehul Choksi, in connivance with some bank officials had duped the bank by issuing fraudulent Letters of Undertaking (LoUs) for the huge amount at PNB's flagship Brady House Branch in south Mumbai, since 2011.
