A London high court ruled on Wednesday (Mar&nbsp;28) that the luxury apartment of fugitive Indian diamond merchant Nirav Modi in London, valued at a minimum of GBP 5.25 million, can be sold.

The decision came after a remote hearing attended by Modi, who is currently in prison in the UK.

India's Enforcement Directorate (ED) argued that the apartment's assets stem from a massive fraud on the Punjab National Bank (PNB), for which Nirav Modi faces extradition proceedings.

Judge Master James Brightwell accepted the sale of the property for GBP 5.25 million or more, ensuring the proceeds are held securely after clearing the trust's liabilities. "I am satisfied that it is a reasonable decision to allow for the property to be sold for GBP 5.25 million or above," Master Brightwell said.

The case involves Trident Trust Company (Singapore) Pte Limited seeking to sell the apartment in Marylebone, with Nirav Modi's sister and family named as beneficiaries of the trust.

Barrister Harish Salve, representing the ED, ensured safeguards were in place to protect the interests of potential beneficiaries and prevent a rushed sale of the asset.

Nirav Modi claims to be the "true settler" of the trust, asserting his right to the proceeds from the sale based on his alleged contribution to its purchase.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/uk-delegations-face-pressure-from-india-on-extradition-of-fugitives-vijay-mallya-and-nirav-modi-614014">UK delegations face pressure from India on extradition of fugitives Vijay Mallya and Nirav Modi</a>

Nirav Modi participated in the proceedings remotely from prison, expressing concerns about potential buyers linked to ongoing investigations by the ED.

Despite losing his extradition battle in 2022, Nirav Modi faces further litigation, including pending legal costs amounting to GBP 150,247.

There are three criminal cases against Nirav Modi in India related to fraud at the PNB bank, which caused losses of over GBP 700 million.

These cases include an ED case involving the alleged laundering of the proceeds of that fraud, and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings. 
&nbsp;

A London high court ruled on Wednesday (Mar 28) that the luxury apartment of fugitive Indian diamond merchant Nirav Modi in London, valued at a minimum of GBP 5.

A London high court ruled on Wednesday (Mar 28) that the luxury apartment of fugitive Indian diamond merchant Nirav Modi in London, valued at a minimum of GBP 5.25 million, can be sold. The decision came after a remote hearing attended by Modi, who is currently in prison in the UK. India's Enforcement Directorate (ED) argued that the apartment's assets stem from a massive fraud on the Punjab National Bank (PNB), for which Nirav Modi faces extradition proceedings. Judge Master James Brightwell accepted the sale of the property for GBP 5.25 million or more, ensuring the proceeds are held securely after clearing the trust's liabilities. "I am satisfied that it is a reasonable decision to allow for the property to be sold for GBP 5.25 million or above," Master Brightwell said. The case involves Trident Trust Company (Singapore) Pte Limited seeking to sell the apartment in Marylebone, with Nirav Modi's sister and family named as beneficiaries of the trust. Barrister Harish Salve, representing the ED, ensured safeguards were in place to protect the interests of potential beneficiaries and prevent a rushed sale of the asset. Nirav Modi claims to be the "true settler" of the trust, asserting his right to the proceeds from the sale based on his alleged contribution to its purchase. Also read | UK delegations face pressure from India on extradition of fugitives Vijay Mallya and Nirav Modi Nirav Modi participated in the proceedings remotely from prison, expressing concerns about potential buyers linked to ongoing investigations by the ED. Despite losing his extradition battle in 2022, Nirav Modi faces further litigation, including pending legal costs amounting to GBP 150,247. There are three criminal cases against Nirav Modi in India related to fraud at the PNB bank, which caused losses of over GBP 700 million. These cases include an ED case involving the alleged laundering of the proceeds of that fraud, and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings.

London high court approves sale of Nirav Modi's luxury apartment amid extradition proceedings

&nbsp;A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.

The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pandora-papers-how-nirav-modis-sister-purvi-opened-a-firm-in-british-virgin-islands-418099">Pandora papers: How Nirav Modi's sister Purvi opened a firm in British Virgin Islands</a>

Levin had also sought a minimum compensation of USD 15 million for harm&nbsp;suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi.

Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices.&nbsp;

SDNY Bankruptcy Court Judge Lane in a clear decision denied defendants Modi, Bansali and Gandhi's motions to dismiss US Trustee Richard Levin's amended complaint in the adversary proceeding arising out of Modi's initial chapter 11 bankruptcy petition, alleging fraud, breach of fiduciary duties, RICO and related state law claims,&nbsp;Indian American attorney Ravi Batra told PTI.

Explaining the 60-page order, Batra said Modi ploughed his profits back into his own company as additional sales to falsely raise the stock price/company valuation by setting up a scheme to defraud Punjab National Bank and others of over USD1 billion.

But to get the ill-gotten funds by bank fraud out of his companies, he engaged in a separate fraud to hide those withdrawals for personal benefit as if they were ordinary business transactions, Batra said.

According to the court order, Levin's petition sought to recover damages for harm inflicted by Modi and his two accomplishes on the debtors and their estates as a result of the his six-year extensive international fraud, money laundering and embezzlement scheme.

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It said from early 2011 to early 2018, Modi and his associates orchestrated and carried out a scheme to obtain loans, credits, or other funds under false pretences and without collateral? from numerous banks, including the PNB.

The bank fraud involved the use of letters of undertaking (LoUs), a financial instrument unique to India, designed to facilitate efficient import transactions. Modi and the co-conspirators sought to artificially inflate the import volumes of Modi's India-based companies with sham transactions so as to obtain more LoU funding, it alleged.

To carry out this scheme, Modi and his co-conspirators used a web of shell companies known as shadow entities&nbsp;based in Hong Kong and Dubai that posed as legitimate businesses to create fake import transactions and launder the proceeds, it said.

The PNB and the other defrauded banks are reported to have lost in excess of USD1 billion as a result of the fraud, the judge wrote in his order.

In his petition, Levin listed examples how Modi, Bhansali and Gandhi directly benefited from fraudulently issued LoUs and were involved in circular transactions until early 2013, when the debtors no longer directly participated in import and export transactions underlying LoU issuances and instead received proceeds indirectly through the shadow entities.

A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.

A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them. The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously. Also Read | Pandora papers: How Nirav Modi's sister Purvi opened a firm in British Virgin Islands Levin had also sought a minimum compensation of USD 15 million for harm suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi. Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices. SDNY Bankruptcy Court Judge Lane in a clear decision denied defendants Modi, Bansali and Gandhi's motions to dismiss US Trustee Richard Levin's amended complaint in the adversary proceeding arising out of Modi's initial chapter 11 bankruptcy petition, alleging fraud, breach of fiduciary duties, RICO and related state law claims, Indian American attorney Ravi Batra told PTI. Explaining the 60-page order, Batra said Modi ploughed his profits back into his own company as additional sales to falsely raise the stock price/company valuation by setting up a scheme to defraud Punjab National Bank and others of over USD1 billion. But to get the ill-gotten funds by bank fraud out of his companies, he engaged in a separate fraud to hide those withdrawals for personal benefit as if they were ordinary business transactions, Batra said. According to the court order, Levin's petition sought to recover damages for harm inflicted by Modi and his two accomplishes on the debtors and their estates as a result of the his six-year extensive international fraud, money laundering and embezzlement scheme. Also Read | US 'concerned' as China denies it conducted hypersonic missile test It said from early 2011 to early 2018, Modi and his associates orchestrated and carried out a scheme to obtain loans, credits, or other funds under false pretences and without collateral? from numerous banks, including the PNB. The bank fraud involved the use of letters of undertaking (LoUs), a financial instrument unique to India, designed to facilitate efficient import transactions. Modi and the co-conspirators sought to artificially inflate the import volumes of Modi's India-based companies with sham transactions so as to obtain more LoU funding, it alleged. To carry out this scheme, Modi and his co-conspirators used a web of shell companies known as shadow entities based in Hong Kong and Dubai that posed as legitimate businesses to create fake import transactions and launder the proceeds, it said. The PNB and the other defrauded banks are reported to have lost in excess of USD1 billion as a result of the fraud, the judge wrote in his order. In his petition, Levin listed examples how Modi, Bhansali and Gandhi directly benefited from fraudulently issued LoUs and were involved in circular transactions until early 2013, when the debtors no longer directly participated in import and export transactions underlying LoU issuances and instead received proceeds indirectly through the shadow entities.

US court dismisses plea filed by Indian fugitive diamond merchant Nirav Modi, associates

Nirav Modi appeared via videolink before a court on Thursday for a two-day hearing of final submissions in his fight against being extradited to India.

UK: Two day hearing of Nirav Modi case ends, verdict expected on February 25

Nirav Modi's lawyer raised a British court's judgment blocking the extradition of WikiLeaks founder Julian Assange to the US on mental health grounds, as the embattled diamond merchant appeared via videolink before a court here on Thursday for a two-day hearing of final submissions in his fight against being extradited to India.

Nirav Modi's lawyers rely on Assange extradition block for his final hearings in UK

Fugitive diamond merchant Nirav Modi, who has been lodged at a prison in London since his arrest in March last year, is set to appear via videolink for the second leg of his extradition trial at a UK court on Monday.

The 49-year-old jeweller is fighting extradition charges related to the estimated USD 2-billion Punjab National Bank (PNB) fraud and money laundering case brought by the Indian government, being represented at Westminster Magistrates' Court in London by the UK's Crown Prosecution Service (CPS).

In line with the coronavirus lockdown restrictions, District Judge Samuel Goozee has directed Modi's appearance from a room in Wandsworth Prison in south-west London with social distancing norms in place for the part-remote setting for the five-day hearing scheduled to conclude on Friday.

Justice Goozee had presided over the first leg of the extradition in May, during which the CPS sought to establish a prima facie case of fraud and money laundering against Modi. The upcoming hearings are ear-marked to complete those arguments after the Indian government had submitted additional 'corroboratory evidence'.

It will then go on to deal with the additional extradition request, made by the Indian authorities and certified by UK Home Secretary Priti Patel earlier this year, which add on the charges of "causing the disappearance of evidence" and intimidating witnesses or 'criminal intimidation to cause death'&nbsp;against Modi.

Goozee has already said that the different extradition requests are inextricably linked, and he would therefore be handing down his judgment at the end of hearing all the arguments.

Additional hearings scheduled for November 3, for the judge to rule on the admissibility of the evidence that will be presented before him, and December 1, when both sides will make their final submissions, mean his ruling on whether Modi has a case to answer before the Indian courts is expected only after the final hearing in December.

The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB, known as 'letters of undertaking'&nbsp;(LoUs).

The CPS, appearing on behalf of India, had told the court that a number of PNB staff conspired with Modi to ensure LoUs were issued to his companies without ensuring they were subject to the required credit check, without recording the issuance of the LoUs and without charging the required commission upon the transactions.

Modi's team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems trade and that the LoUs were standard practice.

Modi has made repeated attempts at bail over the past year, each of which were turned down as he is deemed a flight risk. The jeweller was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard.

At a case management hearing ahead of the trial last week, Modi's barrister Clare Montgomery had told the judge that she may be seeking a partial reporting ban on the proceedings following allegations of 'party political bias' against one of their 'expert witnesses from India' retired Indian High Court judge Abhay Thipsay.

"We may have to put in an application for reporting restrictions around the reporting of his [Thipsay] evidence to avoid further public commentary on it," she said.

From the legal documents submitted, prison conditions in India will once again play a major part in this extradition case, as in the past with other Indian extradition cases, with Modi's severe mental health condition being a factor to be raised behind closed doors.&nbsp;

Fugitive diamond merchant Nirav Modi, who has been lodged at a prison in London since his arrest in March last year, is set to appear via videolink for the second leg of his extradition trial at a UK court on Monday.

Fugitive diamond merchant Nirav Modi, who has been lodged at a prison in London since his arrest in March last year, is set to appear via videolink for the second leg of his extradition trial at a UK court on Monday. The 49-year-old jeweller is fighting extradition charges related to the estimated USD 2-billion Punjab National Bank (PNB) fraud and money laundering case brought by the Indian government, being represented at Westminster Magistrates' Court in London by the UK's Crown Prosecution Service (CPS). In line with the coronavirus lockdown restrictions, District Judge Samuel Goozee has directed Modi's appearance from a room in Wandsworth Prison in south-west London with social distancing norms in place for the part-remote setting for the five-day hearing scheduled to conclude on Friday. Justice Goozee had presided over the first leg of the extradition in May, during which the CPS sought to establish a prima facie case of fraud and money laundering against Modi. The upcoming hearings are ear-marked to complete those arguments after the Indian government had submitted additional 'corroboratory evidence'. It will then go on to deal with the additional extradition request, made by the Indian authorities and certified by UK Home Secretary Priti Patel earlier this year, which add on the charges of "causing the disappearance of evidence" and intimidating witnesses or 'criminal intimidation to cause death' against Modi. Goozee has already said that the different extradition requests are inextricably linked, and he would therefore be handing down his judgment at the end of hearing all the arguments. Additional hearings scheduled for November 3, for the judge to rule on the admissibility of the evidence that will be presented before him, and December 1, when both sides will make their final submissions, mean his ruling on whether Modi has a case to answer before the Indian courts is expected only after the final hearing in December. The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB, known as 'letters of undertaking' (LoUs). The CPS, appearing on behalf of India, had told the court that a number of PNB staff conspired with Modi to ensure LoUs were issued to his companies without ensuring they were subject to the required credit check, without recording the issuance of the LoUs and without charging the required commission upon the transactions. Modi's team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems trade and that the LoUs were standard practice. Modi has made repeated attempts at bail over the past year, each of which were turned down as he is deemed a flight risk. The jeweller was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard. At a case management hearing ahead of the trial last week, Modi's barrister Clare Montgomery had told the judge that she may be seeking a partial reporting ban on the proceedings following allegations of 'party political bias' against one of their 'expert witnesses from India' retired Indian High Court judge Abhay Thipsay. "We may have to put in an application for reporting restrictions around the reporting of his [Thipsay] evidence to avoid further public commentary on it," she said. From the legal documents submitted, prison conditions in India will once again play a major part in this extradition case, as in the past with other Indian extradition cases, with Modi's severe mental health condition being a factor to be raised behind closed doors.

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