Highlight- Lodged in the Wandsworth, Nirav Modi is the subject of two extradition requests. One is processed by the Central Bureau Of Investigation (CBI). And the other being processes by Enforcement Directorate (ED). He has been denied bail five times.
Fugitive Diamond Merchant of India, who has been lodged behind the bar in London is set to appear before the court via video link. Nirav Modi has been in jail since March of last year. He will appear behind the UK court on Monday, September 11.
Nirav Modi (49 years old) will be fighting extradition charges. He is related to the $2 billion fraud and money laundering case by the Government of India. He was formerly the CEO of the Punjab National Bank (PNB). Nirav Modi will be prosecuted in Westminster Magistrate’s Court in London. He will be represented by the UK’s Crown Prosecution Service (CPS). His case so far resonates with the case of businessman Vijay Mallya.
Nirav Modi is the subject of two different extradition requests. One is put forth by the CBI and the other by ED.
What Are The Charges Against Nirav Modi?
According to the extradition laws of the UK, the court is supposed to determine whether it is a clear case of fraud and money laundering or not. This conclusion will be stated based on the material provided by the Government of India. The job of the court is not to tell whether Nirav Modi is guilty or not.
There are more hearing which is set to happen in the coming months. And also a ruling on extradition is expected in December. Following are the charges on fugitive Diamond merchant Nirav Modi:
- One of the branches of PNB (Mumbai) extended his companies loan to INR 11,300 crore. The case of CBI is based upon this.
- Modi obtained a fraud Letter Of Understanding (LoUs/ Loan Agreement).
- And additional offense to all this includes Nirav Modi’s interference with the investigation of CBI. Which included “causing disappearance of evidence” and intimidating witnesses (”criminal intimidation to cause death”).
What Is The Case Of India?
The case of India is that: Modi and his company obtained heavy loans
- without proper credit facilities in place,
- lack of proper documentation,
- did not a proper commission,
- letter of undertaking not to be properly recorded by the PNB,
- and the proceeds which were wrongly diverted by Nirav Modi.
India’s case in the UK court is that the fake LOUs would not have been issued in the absence of the accused PNB officer.