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A UK court on Thursday ruled that fugitive diamantaire Nirav Modi can be extradited to India to face charges of fraud and money laundering amounting to an estimated USD 2 billion.
The court accepted the Indian case that he threatened witnesses and tampered with evidence.
London: A UK court on Thursday (February 25) ruled that fugitive diamantaire Nirav Modi can be extradited to India to face charges of fraud and money laundering amounting to an estimated USD 2 billion.
The court ordered the extradition of Nirav Modi, who is wanted for fraud and money laundering in the ₹ 14,000-crore Punjab National Bank (PNB) scam, accepting the Indian case that he threatened witnesses and tampered with evidence.
A UK judge on Wednesday ruled that fugitive diamantaire Nirav Modi can be extradited to India to face charges of fraud and money laundering in the PNB scam. Here's a timeline of the $2 billion fraud case.
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The UK Modern Slavery Act has failed in its objective to protect victims of forced labour due to the trifling level of reporting required from companies and lack of government enforcement, Business & Human Rights Resource Centre (BHRRC) said today (25.02.21). BHRRC has now closed its Modern Slavery Registry after collecting five yearsâ worth of statements which revealed no significant improvements in companiesâ policies or practice. While there is a welcome cluster of leading companies, the Act itself has failed to be an effective driver of corporate action to end forced labour, even in high-risk sectors and regions. Due to its ineffectiveness, the UK is now lagging behind its international neighbours including the US, France and the Europe Union when it comes to compelling companies to take action to tackle forced labour in global supply chains.
Following is the chronology of the case and its origin.
Following is the chronology of the case and its origin:
January 29, 2018: Punjab National Bank (PNB) files police complaint against Nirav Modi, Mehul Choksi and others accusing fraud to the tune of ₹2.81 billion.
February 5, 2018: The Central Bureau of Investigation (CBI) launches an investigation into the alleged scam.
February 16, 2018: The Enforcement Directorate (ED) seizes a cumulative ₹56.74 billion worth of diamonds, gold and jewellery from Nirav Modi’s home and offices.
February 17, 2018: The CBI makes first arrest in the case. Two PNB employees and an executive of Nirav Modi’s group were detained.
UK court allows extradition of diamond billionaire Nirav Modi to India
AP
PTI file photo
He faces several sets of charges relating to an alleged large-scale fraud at the Punjab National Bank.
Diamond tycoon Nirav Modi has lost his bid to avoid extradition from Britain to India to face allegations he was involved in a $1.8 billion bank fraud.
District Judge Samuel Goozee ruled in London on Thursday that the jeweler has a case to answer before the Indian courts. Modi, whose jewels once adorned stars from Bollywood to Hollywood, has been held without bail in London. He has 14 days to appeal the judge s decision.