PNB scam case: Nirav Modi to be extradited to India, loses case in UK court

WION Web Team
NEW DELHI Published: Feb 25, 2021, 04.31 PM(IST)

File photo of Nirav Modi. Photograph:( ANI )

Story highlights

He is the subject of two sets of criminal proceedings, with the Central Bureau of Investigation (CBI) case relating to a large-scale fraud upon PNB through the fraudulent obtaining of letters of undertaking (LoUs) or loan agreements, and the Enforcement Directorate (ED) case relating to the laundering of the proceeds of that fraud.

Fugitive diamantaire Nirav Modi will be extradited to India to stand trial, UK extradition judge ordered on Thursday.

UK Extradition judge ruled that Nirav Modi has a case to answer for in India.

Nirav Modi was arrested on an extradition warrant on March 19, 2019, and has appeared via videolink from Wandsworth Prison for a series of court hearings in the extradition case. His multiple attempts at seeking bail have been repeatedly turned down, both at the Magistrates' and High Court level, as he was deemed a flight risk.

He is the subject of two sets of criminal proceedings, with the Central Bureau of Investigation (CBI) case relating to a large-scale fraud upon PNB through the fraudulent obtaining of letters of undertaking (LoUs) or loan agreements, and the Enforcement Directorate (ED) case relating to the laundering of the proceeds of that fraud.

He also faces two additional charges of "causing the disappearance of evidence" and intimidating witnesses or "criminal intimidation to cause death, which were added on to the CBI case.

At the heart of the scheme is a conspiracy between Modi and several members of staff at PNB to siphon money out of the bank using `Letters of Undertaking`, a bank guarantee which allows a bank`s customers to raise money from the foreign branches of other Indian banks as a form of short term credit.

(With inputs from agencies)

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