A fugitive Indian jeweller to the stars on Thursday lost his bid to avoid extradition from Britain to face claims of involvement in a massive bank fraud. District Judge Sam Goozee told Nirav Modi at a court hearing in central London there was enough evidence to suggest there was a criminal case against him in his homeland. Modi fled India in February 2018 after being accused of having a central role in a $1.8-billion (1.5-billion-euro) fraud involving Punjab National Bank (PNB). Before the alleged fraud, which rocked corporate India, Forbes magazine estimated his wealth at $1.73 billion, placing him 85th on India s rich list. Modi, who owned luxury jewellery stores across the .
What next for Nirav Modi?
What next for Nirav Modi?
Last Updated: Thu, Feb 25th, 2021, 22:42:45hrs
London: A district judge of Westminster Magistrates Court in London on Thursday said fugitive diamond dealer Nirav Modi can be extradited to India to stand trial in Punjab National Bank (PNB) loan scam, after a nearly two-year-long legal battle.
This decision brings the billionaire jeweller an inch closer to the extradition, as he is wanted in the Rs 14,000 crore scam.
A British High Commission spokesperson told ANI, Nirav Modi faced an extradition hearing at Westminster Magistrates Court following his arrest in relation to an extradition request from India. The judge has decided to send the case to the Home Secretary to decide whether to order his extradition to India.
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Highlights
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.
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.