ED moves to declare Nirav Modi's brothers as FEOs
Business
The Enforcement Directorate (ED) has asked a special court to officially label Neeshal and Nehal Modi—brothers of fugitive businessman Nirav Modi—as Fugitive Economic Offenders.
They're accused of assisting in laundering or concealing proceeds from the Punjab National Bank fraud, which involved over ₹23,780 crore, using fake bank guarantees and overseas shell companies.
Nehal is fighting extradition; case against brother on hold
If the court agrees, the ED can seize their assets in India.
Nehal is already fighting extradition from the US after being arrested last year, while Neeshal is accused of setting up front companies abroad.
The case will be heard on February 18, with Nirav Modi currently lodged in a London jail.