Court Rejects Mehul Choksi's Plea, ED Can Pursue 'Fugitive Economic Offender' Tag

• A Mumbai court rejected Mehul Choksi's application to quash proceedings declaring him a 'Fugitive Economic Offender' (FEO) in the PNB fraud case.
• Choksi argued the ED couldn't proceed as the SFIO was investigating similar allegations under the Companies Act.
• The ED countered that the Companies Act prohibition only applies to offenses under that Act, not others, and Choksi's previous plea rejection was final.
• Judge A. V. Gujarathi agreed with the ED, stating the SFIO investigation is not a "stumbling block" for the FEO Act proceedings.
• Choksi and his nephew Nirav Modi are prime accused in the Rs 13,000 crore PNB scam, involving Letters of Undertaking and bribing officials.

Why It Matters: Court clears path for ED to declare Mehul Choksi a 'Fugitive Economic Offender' in PNB scam.