Fugitive <a href="https://www.wionews.com/india-news/nirav-modis-extradition-to-begin-after-may-30-207966">diamond merchant Nirav Modi </a>has moved the Royal Court of Justice in London which is the higher court for his bail plea after it was rejected thrice in the lower court.

The Royal Court will hear <a href="https://www.wionews.com/india-news/uk-court-extends-custody-of-nirav-modi-till-june-27-222764">Nirav's bail plea</a> at 10am(London Time) which will be his fourth&nbsp;appeal.

Nirav, 48, has been lodged at Wandsworth prison in south-west London since his third attempt at seeking bail was rejected by chief magistrate Emma Arbuthnot at the last hearing at Westminster Magistrates' Court last month.

India's Enforcement Directorate had moved an extradition request to the UK for the diamond merchant in March after he was spotted walking in a London street. Nirav Modi had defrauded Punjab and National Bank(PNB) in Mumbai's Brady House branch of Rs 11,400-crore.&nbsp;

The Interpol had earlier issued a Red Corner Notice(RCN) against Nirav last year.

Nirav Modi was arrested by uniformed Scotland Yard officers on an extradition warrant from a Metro Bank branch in central London as he attempted to open a new bank account on March 19. 
&nbsp;

Fugitive diamond merchant Nirav Modi has moved the Royal Court of Justice in London which is the higher court for his bail plea after it was rejected thrice in the lower court.

Fugitive diamond merchant Nirav Modi has moved the Royal Court of Justice in London which is the higher court for his bail plea after it was rejected thrice in the lower court. The Royal Court will hear Nirav's bail plea at 10am(London Time) which will be his fourth appeal. Nirav, 48, has been lodged at Wandsworth prison in south-west London since his third attempt at seeking bail was rejected by chief magistrate Emma Arbuthnot at the last hearing at Westminster Magistrates' Court last month. India's Enforcement Directorate had moved an extradition request to the UK for the diamond merchant in March after he was spotted walking in a London street. Nirav Modi had defrauded Punjab and National Bank(PNB) in Mumbai's Brady House branch of Rs 11,400-crore. The Interpol had earlier issued a Red Corner Notice(RCN) against Nirav last year. Nirav Modi was arrested by uniformed Scotland Yard officers on an extradition warrant from a Metro Bank branch in central London as he attempted to open a new bank account on March 19.

Nirav Modi moves Royal Court of Justice in London to seek bail plea

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices.&nbsp;

Speaking at G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan, over the weekend she underscored the importance of international cooperation when it comes to dealing with economic offenders who "flee their countries to escape from the consequences of law".

A finance ministry statement said,"(FM) drew attention to the practice permitted by many jurisdictions, which allow economic offenders to use investment-based schemes to obtain residence or citizenship to escape from legal consequences and underlined the need to deal with such practices."

Adding, "she urged that closer collaboration and coordinated action were required to bring such economic offenders to face law."

Mehul Choksi wanted in the <a href="https://www.wionews.com/india-news/medical-reports-of-mehul-choksi-misleading-enforcement-directorate-tells-bombay-high-court-224145">multi-crore Punjab national bank</a>(PNB) scam took the citizenship of a Caribbean country Antigua and Barbuda under its "citizenship by Investment (CIP)" scheme.&nbsp;

According to the scheme, foreign clients can get citizenship by investing in the country upto $100,000. The person gets benefit since the Caribbean country's passport offers visa-free travel to over 100+ countries including EU, UK.

The Citizenship By Investment Unit (CIU) of Antigua received Mehul Choksi's application in May 2017.

In January of this year, Choksi surrendered his Indian passport to the High Commission in Guyana.&nbsp;

India is currently pursuing Choksi's return with the government of Antigua through diplomatic and legal channels and has sent an extradition request to the country.

The finance minister also highlighted how India has taken tough stance against economic offenders and passed a law that "provides for denial of access to courts until the fugitive returns to the country."

The law also provides for confiscation of their properties and selling them off.&nbsp;

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices.

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices. Speaking at G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan, over the weekend she underscored the importance of international cooperation when it comes to dealing with economic offenders who "flee their countries to escape from the consequences of law". A finance ministry statement said,"(FM) drew attention to the practice permitted by many jurisdictions, which allow economic offenders to use investment-based schemes to obtain residence or citizenship to escape from legal consequences and underlined the need to deal with such practices." Adding, "she urged that closer collaboration and coordinated action were required to bring such economic offenders to face law." Mehul Choksi wanted in the multi-crore Punjab national bank(PNB) scam took the citizenship of a Caribbean country Antigua and Barbuda under its "citizenship by Investment (CIP)" scheme. According to the scheme, foreign clients can get citizenship by investing in the country upto $100,000. The person gets benefit since the Caribbean country's passport offers visa-free travel to over 100+ countries including EU, UK. The Citizenship By Investment Unit (CIU) of Antigua received Mehul Choksi's application in May 2017. In January of this year, Choksi surrendered his Indian passport to the High Commission in Guyana. India is currently pursuing Choksi's return with the government of Antigua through diplomatic and legal channels and has sent an extradition request to the country. The finance minister also highlighted how India has taken tough stance against economic offenders and passed a law that "provides for denial of access to courts until the fugitive returns to the country." The law also provides for confiscation of their properties and selling them off.

At G20, finance minister Nirmala Sitharaman expresses concern over 'citizenship by investment' scheme for economic offenders

Fugitive businessman Nirav Modi, 48, was produced in <a href="https://www.wionews.com/india-news/fugitive-nirav-modi-tracked-down-to-8-million-pound-swanky-apartment-in-london-202128">London's Westminster Magistrate</a> court on Friday for bail hearing as India made extradition for the PNB bank fraud accused.

A joint team of<a href="https://www.wionews.com/india-news/nirav-modi-fugitive-diamantaire-and-indias-most-wanted-184963"> Central Bureau of Investigation</a> and Enforcement Directorate officials arrived in London to oppose Nirav's bail. The team is headed by Joint Director and rank officers from Enforcement Directorate and Central Bureau of Investigation.

The Crown Prosecution Service (CPS), on behalf of Indian authorities, submitted the additional file of evidence in court. 
"It's a big file with only a few papers," said Chief Magistrate Emma Arbuthnot, on being handed the file by CPS barrister Toby Cadman.

Arbuthnot is the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December.&nbsp; 
The defence is deliberating over that new file.

Toby Cadman, representing the crown prosecution on behalf of the Indian authorities in London's Westminster Magistrate court, said: "In case Nirav Modi gets bail, we will appeal against it in the High Court. We will do everything to keep him in."

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/F2wWuASMeb0" width="560"></iframe>

Nirav Modi had fled India last year after authorities uncovered the $2 billion loan default scam in Mumbai's Punjab and National Bank(PNB). India had revoked his passport and made two extradition requests to the UK, one from the CBI and the other from the Enforcement Directorate(ED).

Nirav's bail plea was denied by the UK court last week after the judge found his case "too risky".&nbsp;

Nirav Modi's counsel, George Hepburne, said that the case had a political motivation and that the conditions of Indian jails are not good. This was rejected by the judge.

He was arrested on March 19th from London's Holborn area. A bank clerk reportedly recognised him and called the police after which he was arrested.

India had approached Interpol regarding Nirav and in July of 2018, a red corner notice(RCN) was issued against him.

Fugitive businessman Nirav Modi, 48, was produced in London's Westminster Magistrate court on Friday for bail hearing as India made extradition for the PNB bank fraud accused.

Fugitive businessman Nirav Modi, 48, was produced in London's Westminster Magistrate court on Friday for bail hearing as India made extradition for the PNB bank fraud accused. A joint team of Central Bureau of Investigation and Enforcement Directorate officials arrived in London to oppose Nirav's bail. The team is headed by Joint Director and rank officers from Enforcement Directorate and Central Bureau of Investigation. The Crown Prosecution Service (CPS), on behalf of Indian authorities, submitted the additional file of evidence in court. "It's a big file with only a few papers," said Chief Magistrate Emma Arbuthnot, on being handed the file by CPS barrister Toby Cadman. Arbuthnot is the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December. The defence is deliberating over that new file. Toby Cadman, representing the crown prosecution on behalf of the Indian authorities in London's Westminster Magistrate court, said: "In case Nirav Modi gets bail, we will appeal against it in the High Court. We will do everything to keep him in." Nirav Modi had fled India last year after authorities uncovered the $2 billion loan default scam in Mumbai's Punjab and National Bank(PNB). India had revoked his passport and made two extradition requests to the UK, one from the CBI and the other from the Enforcement Directorate(ED). Nirav's bail plea was denied by the UK court last week after the judge found his case "too risky". Nirav Modi's counsel, George Hepburne, said that the case had a political motivation and that the conditions of Indian jails are not good. This was rejected by the judge. He was arrested on March 19th from London's Holborn area. A bank clerk reportedly recognised him and called the police after which he was arrested. India had approached Interpol regarding Nirav and in July of 2018, a red corner notice(RCN) was issued against him.

PNB scam accused Nirav Modi produced in UK court, bail hearing underway

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case.

The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

"The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said.

These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said.

"Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said.

The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said.

The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act.

Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered.

The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium.

Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi.

Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.&nbsp; 
&nbsp;

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets. "The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said. These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said. "Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said. The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said. The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act. Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered. The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium. Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi. Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.

Enforcement Directorate attaches Nirav Modi's assets in Hong Kong worth Rs 255 crore

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Nirav Modi moves Royal Court of Justice in London to seek bail plea

At G20, finance minister Nirmala Sitharaman expresses concern over 'citizenship by investment' scheme for economic offenders

PNB scam accused Nirav Modi produced in UK court, bail hearing underway

Enforcement Directorate attaches Nirav Modi's assets in Hong Kong worth Rs 255 crore