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The Enforcement Directorate, which is probing the case, had earlier moved an application before a special PMLA court here to declare Choksi a fugitive economic offender, under provisions of the new Fugitive Economic Offenders Act which came into existence in August last year.
The accused subsequently moved the high court, seeking a stay on the case proceedings in the Prevention of Money Laundering Act (PMLA) court.
However,a division bench of Justices B P Dharmadhikari and S S Jadhav rejected Choksi’s plea on Wednesday.
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The LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to a group of companies belonging to Modi from March 2011, till the case came to light.
Under the FEO Act, a person can be declared a fugitive economic offender (FEO) if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.