Mumbai:  Nirav Modi  on Thursday was declared a fugitive economic offender by a special court here on the plea of the Economic Directorate. The diamantaire is key accused in the USD 2 billion Punjab National Bank (PNB) fraud case. Nirav Modi is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August 2018.

Nirav Modi and his uncle Mehul Choksi are the prime accused in the PNB fraud case, related to alleged fraudulent issuance of Letters of Undertaking that caused a loss of over USD 2 billion to the public sector bank.

Nirav Modi was earlier arrested in London in March and his extradition process is pending.

The 48-year-old is currently lodged in Wandsworth Prison in London while his 60-year-old uncle is in Antigua exploring all legal options to evade clutches of Indian investigative agencies.

Modi has claimed he is suffering from anxiety and depression.