Fugitive diamantaire Nirav Modi on Thursday lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the United Kingdom (UK) Supreme Court, a report by news agency Reuters said. Modi, an accused in the Punjab National Bank (PNB) fraud case, fled India back in 2018 before details of his involvement in the scandal emerged.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/who-is-subhash-shankar-parab-nirav-modis-close-aide-who-is-deported-from-egypt-to-india-470400">Who is Subhash Shankar Parab? Nirav Modi's close aide deported to India from Egypt</a>

On Thursday, London's high court refused Modi's application to certify a “point of law of general public importance” and rejected his application for permission to appeal to the Supreme Court.

On <a href="https://www.wionews.com/world/pnb-scam-major-setback-for-nirav-modi-as-uk-high-court-orders-his-extradition-to-india-532584">November 9, the high court ordered Modi's extradition to India</a> as he lost his appeal on mental health grounds. The court's ruling noted that Modi's&nbsp;&nbsp;"risk of suicide" was not such that it would be either "unjust or oppressive" to extradite him to India to face charges.&nbsp;

Also in November, Judge Jeremy Stuart-Smith ruled that the diamantaire could be kept safe at Mumbai's Arthur Road jail. Judge Smith said the risk of suicide if Modi was extradited might be high, but the arrangements at the prison would enable the authorities to cope properly with his condition.&nbsp;

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

&nbsp;

Fugitive diamantaire Nirav Modi on Thursday lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the United Kingdom (UK) Supreme Court, a report by news agency Reuters said.

Fugitive diamantaire Nirav Modi on Thursday lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the United Kingdom (UK) Supreme Court, a report by news agency Reuters said. Modi, an accused in the Punjab National Bank (PNB) fraud case, fled India back in 2018 before details of his involvement in the scandal emerged. ALSO READ | Who is Subhash Shankar Parab? Nirav Modi's close aide deported to India from Egypt On Thursday, London's high court refused Modi's application to certify a “point of law of general public importance” and rejected his application for permission to appeal to the Supreme Court. On November 9, the high court ordered Modi's extradition to India as he lost his appeal on mental health grounds. The court's ruling noted that Modi's "risk of suicide" was not such that it would be either "unjust or oppressive" to extradite him to India to face charges. Also in November, Judge Jeremy Stuart-Smith ruled that the diamantaire could be kept safe at Mumbai's Arthur Road jail. Judge Smith said the risk of suicide if Modi was extradited might be high, but the arrangements at the prison would enable the authorities to cope properly with his condition. (With inputs from Reuters) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Fugitive Nirav Modi loses bid to appeal extradition to India in UK Supreme Court

Here we bring you a quick round-up of all latest news, top headlines and international breakings from all across the globe, stay tuned with Gravitas for more!

Gravitas Global Headlines: China covid-19 surge; Nirav Modi extradition case

In a major setback to fugitive billionaire Nirav Modi, a UK court on Wednesday rejected the diamantaire's appeal against his extradition to India in connection with the Punjab National Bank (PNB) fraud case.

PNB Scam: UK Court rejects fugitive billionaire Nirav Modi's plea

The United Kingdom High Court on Wednesday (November 9) ordered the extradition of Nirav Modi to India as the diamond merchant lost his appeal on mental health grounds. He is set to face fraud charges in the Punjab National Bank (PNB) scam.&nbsp;

The ruling noted that his "risk of suicide" is not such that it would be either "unjust or oppressive" to extradite him to India to face charges.&nbsp;

The ruling stated: "Pulling these various strands together and weighing them in the balance so as to reach an overall evaluative judgment on the question raised by Section 91, we are far from satisfied that Mr Modi's mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him."&nbsp;

"It may be that the main benefit of the appeal has been to obtain the extensive further [Indian government] assurances that we have identified in the course of this judgment, which render the position clear to Mr Modi's advantage and the District Judge's decision supportable," it added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/deloitte-india-fires-employee-accused-of-running-an-international-hacking-ring-532546">Deloitte India fires employee accused of running an international hacking ring</a>&nbsp;

WATCH |&nbsp;Deloitte employee behind global hacking gang; hack firm operate under the name 'Whitein'&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/deloitte-employee-behind-global-hacking-gang-hack-firm-operate-under-the-name-whitein-532519/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

PNB scam is India's biggest banking scam allegedly perpetrated by Nirav Modi and Mehul Choksi with a combined loss of over $2 billion.

An investigation into the scam revealed that Nirav Modi and his uncle Mehul Choksi are wanted for allegedly siphoning off public money from the state-run PNB, using the Letters of Undertaking.&nbsp;

Probes have also revealed that messages for fraudulent LoUs were sent to overseas banks by misusing Society for Worldwide Interbank Financial Telecommunications (SWIFT).&nbsp;

For the unversed, SWIFT is an international messaging system for banking, and without making their subsequent entries in PNB's internal software 'Finacle', thus bypassing any scrutiny of such funds in the bank.&nbsp;

What is an LoU?&nbsp;

An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank along with accruing interest.&nbsp;

In Nirav Modi's case, his companies along with Choksi's took loans from banks abroad on the basis of these LoUs but did not repay them, thus transferring the liability to PNB.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.&nbsp;

The United Kingdom High Court on Wednesday (November 9) ordered the extradition of Nirav Modi to India as the diamond merchant lost his appeal on mental health grounds.

The United Kingdom High Court on Wednesday (November 9) ordered the extradition of Nirav Modi to India as the diamond merchant lost his appeal on mental health grounds. He is set to face fraud charges in the Punjab National Bank (PNB) scam. The ruling noted that his "risk of suicide" is not such that it would be either "unjust or oppressive" to extradite him to India to face charges. The ruling stated: "Pulling these various strands together and weighing them in the balance so as to reach an overall evaluative judgment on the question raised by Section 91, we are far from satisfied that Mr Modi's mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him." "It may be that the main benefit of the appeal has been to obtain the extensive further [Indian government] assurances that we have identified in the course of this judgment, which render the position clear to Mr Modi's advantage and the District Judge's decision supportable," it added. ALSO READ | Deloitte India fires employee accused of running an international hacking ring WATCH | Deloitte employee behind global hacking gang; hack firm operate under the name 'Whitein' × PNB scam is India's biggest banking scam allegedly perpetrated by Nirav Modi and Mehul Choksi with a combined loss of over $2 billion. An investigation into the scam revealed that Nirav Modi and his uncle Mehul Choksi are wanted for allegedly siphoning off public money from the state-run PNB, using the Letters of Undertaking. Probes have also revealed that messages for fraudulent LoUs were sent to overseas banks by misusing Society for Worldwide Interbank Financial Telecommunications (SWIFT). For the unversed, SWIFT is an international messaging system for banking, and without making their subsequent entries in PNB's internal software 'Finacle', thus bypassing any scrutiny of such funds in the bank. What is an LoU? An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank along with accruing interest. In Nirav Modi's case, his companies along with Choksi's took loans from banks abroad on the basis of these LoUs but did not repay them, thus transferring the liability to PNB. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

PNB scam: Major setback for fugitive Nirav Modi as UK High Court orders his extradition to India

India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar&nbsp;Punjab National Bank (PNB)&nbsp;fraud along with Nirav Modi.

The case involves Choksi allegedly inflating the value of diamonds and jewellery as the CBI reportedly booked Choksi and his company Gitanjali Gems including valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah.

<a href="https://www.wionews.com/india-news/fugitive-businessman-mehul-choksi-returns-to-antigua-after-dominica-court-lets-him-return-for-medical-treatment-398178">Also Read:&nbsp;Mehul Choksi returns to Antigua after Dominica court lets him return for medical treatment</a>

Industrial Finance Corporation of India (IFCI) Ltd had alleged that Choksi had approached it seeking Rs 25 crore working capital loan as he pledged shares,&nbsp;gold and diamond jewellery.

The valuers at the time had said the jewellery was in the range of Rs 34-45 crore on the basis of which IFCI sanctioned the loan.

Watch:&nbsp;India to Dominica court: Mehul Choksi is still an Indian citizen

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-to-dominica-court-mehul-choksi-is-still-an-indian-citizen-391684/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

However, after the&nbsp;company allegedly defaulted on payments as IFCI called in the shares and jewellery but it could sell 6,48,822 shares for just Rs 4,07 crore even as 20,60,054 shares were pledged but the client ID of Mehul Choksi was blocked by NSDL, according to the complaint.

The incident was recorded in the FIR. Choksi along with Nirav Modi has been accused by Indian authorities of siphoning off over billions from Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit.

(With inputs from Agencies)

Watch WION LIVE Here

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar Punjab National Bank (PNB) fraud along with Nirav Modi.

India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar Punjab National Bank (PNB) fraud along with Nirav Modi. The case involves Choksi allegedly inflating the value of diamonds and jewellery as the CBI reportedly booked Choksi and his company Gitanjali Gems including valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah. Also Read: Mehul Choksi returns to Antigua after Dominica court lets him return for medical treatment Industrial Finance Corporation of India (IFCI) Ltd had alleged that Choksi had approached it seeking Rs 25 crore working capital loan as he pledged shares, gold and diamond jewellery. The valuers at the time had said the jewellery was in the range of Rs 34-45 crore on the basis of which IFCI sanctioned the loan. Watch: India to Dominica court: Mehul Choksi is still an Indian citizen However, after the company allegedly defaulted on payments as IFCI called in the shares and jewellery but it could sell 6,48,822 shares for just Rs 4,07 crore even as 20,60,054 shares were pledged but the client ID of Mehul Choksi was blocked by NSDL, according to the complaint. The incident was recorded in the FIR. Choksi along with Nirav Modi has been accused by Indian authorities of siphoning off over billions from Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit. (With inputs from Agencies) Watch WION LIVE Here

CBI files another case against Mehul Choksi after raids

India's Central Bureau of Investigation (CBI) got Subhash Shankar Parab deported from Egypt to India on Tuesday (April 12) after a long diplomatic and legal process.&nbsp;

Parab is a key accused in connection with the multi-billion dollar Punjab National Bank (PNB) scam in 2018, involving diamantaire Nirav Modi.&nbsp;

Officials have stated that a CBI team had gone to Cairo to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in the Egyptian capital city.&nbsp;

Officials added that Parab was the Deputy General Manager (Finance) in Firestar Diamond. He landed in Mumbai early after "deportation".&nbsp;

According to the officials, Parab was absconding ever since the case involving diamantaire Nirav Modi&nbsp;and his uncle Mehul Choksi came to light.&nbsp;

India had issued an Interpol Red Notice against Parab to track him and bring him back.&nbsp;

India-based news agencies reported that authorities received information that Parab was kept in illegal confinement by Nirav Modi's men.&nbsp;

As noted by Interpol, charges on Nirav Modi are punishments of criminal conspiracy, criminal breach of trust by public servant, or by banker merchant or agent, cheating and dishonesttly inducing delivery of property, prevention of corruption act.&nbsp;

Officials stated that after a long diplomatic and legal process, the CBI managed to secure "administrative extradition" or deportation of Parab.&nbsp;

Officials believe Parab could spill the beans on the country's biggest banking scam allegedly perpetrated by Nirav Modi and Choksi with a combined loss of Rs13,000 crore.&nbsp;

Earlier, the investigation revealed that the duo is wanted for allegedly siphoning off public money from the state-run PNB, using the Letters of Undertaking.&nbsp;

The investigations revealed that messages for fraudulent LoUs were sent to overseas banks by misusing Society for Worldwide Interbank Financial Telecommunications (SWIFT), an international messaging system for banking, and without making their subsequent entries in PNB's internal software 'Finacle', thus bypassing any scrutiny of such funds in the bank.&nbsp;

An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant.&nbsp;

In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank along with accruing interest.&nbsp;

The companies of Nirav Modi and Choksi took loans from banks abroad on the basis of these LoUs but did not repay them, thus transferring the liability to PNB.&nbsp;

Nirav Modi is in a London prison after repeated denial of bail and is contesting extradition to India.&nbsp;

Choksi had taken the citizenship of Antigua and Barbuda in 2017 using the Citizenship by Investment programme even before fleeing India in the first week of January 2018.&nbsp;

ALSO WATCH |&nbsp;India's import of Russian oil remains point of contention between New Delhi and Washington

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indias-import-of-russian-oil-remains-point-of-contention-between-new-delhi-and-washington-470379/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

(With inputs from agencies)&nbsp;

India's Central Bureau of Investigation (CBI) got Subhash Shankar Parab deported from Egypt to India on Tuesday (April 12) after a long diplomatic and legal process.

India's Central Bureau of Investigation (CBI) got Subhash Shankar Parab deported from Egypt to India on Tuesday (April 12) after a long diplomatic and legal process. Parab is a key accused in connection with the multi-billion dollar Punjab National Bank (PNB) scam in 2018, involving diamantaire Nirav Modi. Officials have stated that a CBI team had gone to Cairo to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in the Egyptian capital city. Officials added that Parab was the Deputy General Manager (Finance) in Firestar Diamond. He landed in Mumbai early after "deportation". According to the officials, Parab was absconding ever since the case involving diamantaire Nirav Modi and his uncle Mehul Choksi came to light. India had issued an Interpol Red Notice against Parab to track him and bring him back. India-based news agencies reported that authorities received information that Parab was kept in illegal confinement by Nirav Modi's men. As noted by Interpol, charges on Nirav Modi are punishments of criminal conspiracy, criminal breach of trust by public servant, or by banker merchant or agent, cheating and dishonesttly inducing delivery of property, prevention of corruption act. Officials stated that after a long diplomatic and legal process, the CBI managed to secure "administrative extradition" or deportation of Parab. Officials believe Parab could spill the beans on the country's biggest banking scam allegedly perpetrated by Nirav Modi and Choksi with a combined loss of Rs13,000 crore. Earlier, the investigation revealed that the duo is wanted for allegedly siphoning off public money from the state-run PNB, using the Letters of Undertaking. The investigations revealed that messages for fraudulent LoUs were sent to overseas banks by misusing Society for Worldwide Interbank Financial Telecommunications (SWIFT), an international messaging system for banking, and without making their subsequent entries in PNB's internal software 'Finacle', thus bypassing any scrutiny of such funds in the bank. An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank along with accruing interest. The companies of Nirav Modi and Choksi took loans from banks abroad on the basis of these LoUs but did not repay them, thus transferring the liability to PNB. Nirav Modi is in a London prison after repeated denial of bail and is contesting extradition to India. Choksi had taken the citizenship of Antigua and Barbuda in 2017 using the Citizenship by Investment programme even before fleeing India in the first week of January 2018. ALSO WATCH | India's import of Russian oil remains point of contention between New Delhi and Washington × (With inputs from agencies)

Who is Subhash Shankar Parab? Nirav Modi's close aide deported to India from Egypt

&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.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-concerned-as-china-denies-it-conducted-hypersonic-missile-test-421873">US 'concerned' as China denies it conducted hypersonic missile test</a>

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

A High Court judge in London on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds.

Justice Martin Chamberlain delivered his verdict remotely under COVID-19 rules to conclude that the arguments presented by the 50-year-old diamond merchant’s legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing.

He also noted that the adequacy of the measures capable of preventing "successful suicide attempts" at Arthur Road Jail in Mumbai, where Nirav Modi is to be detained upon extradition, also falls within the arguable ambit.

"At this stage, the question for me is simply whether the appellant’s case on these grounds is reasonably arguable. In my judgment, it is. I will grant permission to appeal on Grounds 3 and 4," Justice Chamberlain’s ruling notes.

Grounds 3 and 4 relate to Article 3 of the European Convention of Human Rights (ECHR), or the right to life, liberty and security, and Section 91 of the UK’s Criminal Justice Act 2003 related to fitness to plead.

The judge noted that the arguments made under both grounds overlap in this case as they both rely principally on the appellant, Nirav Modi,'s mental ill health.

"I will not restrict the basis on which those grounds can be argued, though it seems to me that there should be a particular focus on whether the judge was wrong to reach the conclusion he did, given the evidence as to the severity of the appellant’s [Nirav Modi’s] depression, the high risk of suicide, and the adequacy of any measures capable of preventing successful suicide attempts in Arthur Road prison," the ruling notes.

Permission to appeal on all other grounds was declined and the case will now proceed to a substantive hearing before the High Court in London under Grounds 3 and 4.

The diamond merchant, wanted in India to face charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, meanwhile, remains at Wandsworth Prison in south-west London.

Nirav Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud on 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 to the CBI case.

India is a designated Part 2 country by virtue of the Extradition Act 2003, which means it is the UK Cabinet minister who has the authority to order a requested person’s extradition after all legal issues are dealt with in the courts.&nbsp;

A High Court judge in London on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds.

A High Court judge in London on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds. Justice Martin Chamberlain delivered his verdict remotely under COVID-19 rules to conclude that the arguments presented by the 50-year-old diamond merchant’s legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing. He also noted that the adequacy of the measures capable of preventing "successful suicide attempts" at Arthur Road Jail in Mumbai, where Nirav Modi is to be detained upon extradition, also falls within the arguable ambit. "At this stage, the question for me is simply whether the appellant’s case on these grounds is reasonably arguable. In my judgment, it is. I will grant permission to appeal on Grounds 3 and 4," Justice Chamberlain’s ruling notes. Grounds 3 and 4 relate to Article 3 of the European Convention of Human Rights (ECHR), or the right to life, liberty and security, and Section 91 of the UK’s Criminal Justice Act 2003 related to fitness to plead. The judge noted that the arguments made under both grounds overlap in this case as they both rely principally on the appellant, Nirav Modi,'s mental ill health. "I will not restrict the basis on which those grounds can be argued, though it seems to me that there should be a particular focus on whether the judge was wrong to reach the conclusion he did, given the evidence as to the severity of the appellant’s [Nirav Modi’s] depression, the high risk of suicide, and the adequacy of any measures capable of preventing successful suicide attempts in Arthur Road prison," the ruling notes. Permission to appeal on all other grounds was declined and the case will now proceed to a substantive hearing before the High Court in London under Grounds 3 and 4. The diamond merchant, wanted in India to face charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, meanwhile, remains at Wandsworth Prison in south-west London. Nirav Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud on 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 to the CBI case. India is a designated Part 2 country by virtue of the Extradition Act 2003, which means it is the UK Cabinet minister who has the authority to order a requested person’s extradition after all legal issues are dealt with in the courts.

UK High Court grants Nirav Modi permission to appeal India extradition order on depression, suicide risk grounds

&nbsp;About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.

Commenting on the development, Union Finance Minister Nirmala Sitharaman tweeted, "Fugitives &amp; economic offenders will be actively pursued; their properties attached &amp; dues recovered."

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/uk-judge-denies-for-more-funds-for-legal-charges-to-indian-fugitive-vijay-mallya-387657/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The three, who fled overseas as a probe against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks, and these frauds have been categorised as among the country's biggest criminal loan heist till date.

The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here.

It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks.

Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/vijay-mallya-loses-bankruptcy-petition-amendment-high-court-battle-in-uk-385876">Vijay Mallya loses bankruptcy petition amendment High Court battle in UK</a>&nbsp;

The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad.

"The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said.

On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said.

The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai.

"Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/nirav-modi-faces-another-setback-as-uk-judge-rules-in-indias-favour-340393">Nirav Modi faces another setback as UK judge rules in India's favour</a>

The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said.

Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said.

As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks."

"Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said.

In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/mehul-choksis-claim-of-renouncing-indian-citizenship-bogus-india-391576/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.

"The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession."

"It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. 
The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure.

The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets."

It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-seizes-vijay-mallyas-asset-in-france-worth-19-million-347571">Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million</a>

"Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added.

It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years.

Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday. According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio. Commenting on the development, Union Finance Minister Nirmala Sitharaman tweeted, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered." The three, who fled overseas as a probe against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks, and these frauds have been categorised as among the country's biggest criminal loan heist till date. The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here. It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks. Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks." Also read | Vijay Mallya loses bankruptcy petition amendment High Court battle in UK The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad. "The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said. On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said. The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai. "Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added. Also read | Nirav Modi faces another setback as UK judge rules in India's favour The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said. Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said. As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks." "Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said. In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai. The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks. "The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession." "It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure. The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets." It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court." Also read | Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million "Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added. It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years. Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

Enforcement Directorate says 40% loss in PNB, Mallya bank fraud cases recovered

In an exclusive conversation with WION, Prime Minister of Antigua and Barbuda Gaston Browne has said that his government&nbsp;has informed India that&nbsp;Mehul Choksi is missing, with information being also shared with Interpol. 

Fugitive Choksi is wanted by Indian authorities in the Rs 14,000 crore PNB fraud case and had fled to the country in 2018, with India seeking to extradite him.

Speaking to our Principal Diplomatic Correspondent Sidhant Sibal, Gaston Browne said, "The missing persons report that was put out locally is now being shared with Interpol".

Choksi has been missing from the country for the last 24 hours with local authorities able to locate the vehicle he used last.&nbsp;

WION: Mehul Choksi has been missing, it has been 24 hours. Could you give more details?

Gaston Browne: Yes, we had a report from Mr&nbsp;Choksi's household that he went missing.

Law enforcement has got involved, they have located his vehicle but they are yet to locate Mr&nbsp;Choksi. Mr. Choksi had two&nbsp;matters before the courts of Antigua and Barbuda. One the&nbsp;revocation of his citizenship and second&nbsp;his extradition back to India.

He recently asked the case to be expedited and also switched his attorney. He recently contracted the services of Mr&nbsp;Edward Fitzgerald CBE QC, a well-known and celebrated criminal lawyer in the UK. He has been fighting the extradition as well as the revocation of his citizenship. Today, as much as he is missing, We have no reliable information, that he has fled the country, even though there is speculation to that effect.

Our&nbsp;STRATCOM has actually issued a missing person report and that report is being shared with Interpol. I am aware that India has put out the Red Notice if he had indeed fled to another country, it is a matter of time. He will be identified, and then perhaps government of India will have to seek some form of cooperation from whichever country he would have fled too.

But we really do not have any tangible information that he has fled the country and law enforcement are doing all they can in order to locate him.

WION: Has the Indian government reached out to you?&nbsp;How have you reached out to Interpol?

Gaston Browne:&nbsp;The missing persons report that was put out locally is now being shared with Interpol. It is what is called a Green Notice.

A Green Notice will be placed internationally for Mehul Choksi as a missing person and that will complement the Red Notice that has been already issued by the government of India,&nbsp;if by chance he has absconded to another country, then as soon as he is identified, action could be taken against him.

In so far as cooperation with the Indian government, I spoke to the Indian high commissioner to&nbsp;Antigua and Barbuda this morning, so they fully are aware and we have been collaborating as have done in the beginning of the case.&nbsp;

WION: So you have officially informed the Indian government of Mehul Choksi being missing?

Gaston Browne: Absolutely,&nbsp;we have.

WION: If it is&nbsp;unlikely that he&nbsp;fled&nbsp;the country, what could have happened to him?

Gaston Browne:&nbsp;I did not say [it is] unlikely he could have fled the country. What I said is we don't have any reliable information that he has fled the country. What we do know [is] at the airport, he did not use any aircraft... if he would have fled the country&nbsp;it would by way of some form of sea vessel.&nbsp;

WION: What are the chances of his extradition, and of him&nbsp;being sent back to India?

Gaston Browne:&nbsp;We feel confident that he will be extradited but as you know the law is such that we have to allow the due process. After he exhausted all of his appeals, we will take action to have him extradited.

I want to make it clear to the people of India, and the entire world, Mehul Choksi is not welcomed here in Antigua and Barbuda. We want him out of the country, and as soon as he leaves, the better.

WION: What is the situation of vaccination in your&nbsp;country and India's support?

Gaston Browne:&nbsp;I want to once again&nbsp;thank PM Modi for that very important act of benevolence in which he made 500,000 vaccines available to the Caribbean region.

I guarantee you that if it wasn't for those vaccines, we would have seen a greater crisis. I can assure you that he has literally saved tens of thousands of lives here in the&nbsp;Caribbean&nbsp;region and for that, we are eternally grateful.

That type of benevolence helps to strengthen both the bilateral and multilateral relations with India. So I think, it was easily one of the most benevolent acts we have seen by any leader within the last century, especially considering India has its own problem. And we all know&nbsp;that India was in the need of those vaccines, but he went the extra mile to assess many countries globally and from that standpoint, he should be commended.

We share our empathy with the people of India. We know you are presently going through a crisis with COVID-19&nbsp;and we just hope in the coming weeks you will get things under control and there will be a significant reduction in hospitalisation and deaths of the Indian people.

Our prayers are with you and as we know this is a global issue that requires global&nbsp;solidarity&nbsp;and so we are standing in solidarity with the Indian people&nbsp;

WION: How has been the collaboration on climate change between India and your country?

Gaston Browne: Climate change is a problem for all humanity and it requires global cooperation and global&nbsp;solidarity.

We believe all of us should continue to meet our commitments that we have agreed to in the Paris Accord and I know India has been taking the necessary steps to reduce its emissions and at the same time even to help poorer countries to build the capacity to adapt and mitigate against the effects of climate change.

This requires global action in order to save our common humanity...In fact, we are very happy&nbsp;that the US has rejoined the Paris Accord and is now providing leadership in this very significant existential threat that is facing all of humanity.

The cooperation goes beyond India and the&nbsp;Caribbean and what is required is global&nbsp;solidarity and&nbsp;cooperation and action in fighting climate change.

WION: How do you&nbsp;see India's Coalition for Disaster Resilient Infrastructure and International Solar Alliance?

Gaston Browne:&nbsp;India has been helping countries globally, especially the small vulnerable countries&nbsp;to&nbsp;build capacity and we are impressed by that type of global leadership that is being exerted by India in helping us deal with this most significant&nbsp;existential threat that is facing all humanity.

In an exclusive conversation with WION, Prime Minister of Antigua and Barbuda Gaston Browne has said that his government has informed India that Mehul Choksi is missing, with information being also shared with Interpol.

In an exclusive conversation with WION, Prime Minister of Antigua and Barbuda Gaston Browne has said that his government has informed India that Mehul Choksi is missing, with information being also shared with Interpol. Fugitive Choksi is wanted by Indian authorities in the Rs 14,000 crore PNB fraud case and had fled to the country in 2018, with India seeking to extradite him. Speaking to our Principal Diplomatic Correspondent Sidhant Sibal, Gaston Browne said, "The missing persons report that was put out locally is now being shared with Interpol". Choksi has been missing from the country for the last 24 hours with local authorities able to locate the vehicle he used last. WION: Mehul Choksi has been missing, it has been 24 hours. Could you give more details? Gaston Browne: Yes, we had a report from Mr Choksi's household that he went missing. Law enforcement has got involved, they have located his vehicle but they are yet to locate Mr Choksi. Mr. Choksi had two matters before the courts of Antigua and Barbuda. One the revocation of his citizenship and second his extradition back to India. He recently asked the case to be expedited and also switched his attorney. He recently contracted the services of Mr Edward Fitzgerald CBE QC, a well-known and celebrated criminal lawyer in the UK. He has been fighting the extradition as well as the revocation of his citizenship. Today, as much as he is missing, We have no reliable information, that he has fled the country, even though there is speculation to that effect. Our STRATCOM has actually issued a missing person report and that report is being shared with Interpol. I am aware that India has put out the Red Notice if he had indeed fled to another country, it is a matter of time. He will be identified, and then perhaps government of India will have to seek some form of cooperation from whichever country he would have fled too. But we really do not have any tangible information that he has fled the country and law enforcement are doing all they can in order to locate him. WION: Has the Indian government reached out to you? How have you reached out to Interpol? Gaston Browne: The missing persons report that was put out locally is now being shared with Interpol. It is what is called a Green Notice. A Green Notice will be placed internationally for Mehul Choksi as a missing person and that will complement the Red Notice that has been already issued by the government of India, if by chance he has absconded to another country, then as soon as he is identified, action could be taken against him. In so far as cooperation with the Indian government, I spoke to the Indian high commissioner to Antigua and Barbuda this morning, so they fully are aware and we have been collaborating as have done in the beginning of the case. WION: So you have officially informed the Indian government of Mehul Choksi being missing? Gaston Browne: Absolutely, we have. WION: If it is unlikely that he fled the country, what could have happened to him? Gaston Browne: I did not say [it is] unlikely he could have fled the country. What I said is we don't have any reliable information that he has fled the country. What we do know [is] at the airport, he did not use any aircraft... if he would have fled the country it would by way of some form of sea vessel. WION: What are the chances of his extradition, and of him being sent back to India? Gaston Browne: We feel confident that he will be extradited but as you know the law is such that we have to allow the due process. After he exhausted all of his appeals, we will take action to have him extradited. I want to make it clear to the people of India, and the entire world, Mehul Choksi is not welcomed here in Antigua and Barbuda. We want him out of the country, and as soon as he leaves, the better. WION: What is the situation of vaccination in your country and India's support? Gaston Browne: I want to once again thank PM Modi for that very important act of benevolence in which he made 500,000 vaccines available to the Caribbean region. I guarantee you that if it wasn't for those vaccines, we would have seen a greater crisis. I can assure you that he has literally saved tens of thousands of lives here in the Caribbean region and for that, we are eternally grateful. That type of benevolence helps to strengthen both the bilateral and multilateral relations with India. So I think, it was easily one of the most benevolent acts we have seen by any leader within the last century, especially considering India has its own problem. And we all know that India was in the need of those vaccines, but he went the extra mile to assess many countries globally and from that standpoint, he should be commended. We share our empathy with the people of India. We know you are presently going through a crisis with COVID-19 and we just hope in the coming weeks you will get things under control and there will be a significant reduction in hospitalisation and deaths of the Indian people. Our prayers are with you and as we know this is a global issue that requires global solidarity and so we are standing in solidarity with the Indian people WION: How has been the collaboration on climate change between India and your country? Gaston Browne: Climate change is a problem for all humanity and it requires global cooperation and global solidarity. We believe all of us should continue to meet our commitments that we have agreed to in the Paris Accord and I know India has been taking the necessary steps to reduce its emissions and at the same time even to help poorer countries to build the capacity to adapt and mitigate against the effects of climate change. This requires global action in order to save our common humanity...In fact, we are very happy that the US has rejoined the Paris Accord and is now providing leadership in this very significant existential threat that is facing all of humanity. The cooperation goes beyond India and the Caribbean and what is required is global solidarity and cooperation and action in fighting climate change. WION: How do you see India's Coalition for Disaster Resilient Infrastructure and International Solar Alliance? Gaston Browne: India has been helping countries globally, especially the small vulnerable countries to build capacity and we are impressed by that type of global leadership that is being exerted by India in helping us deal with this most significant existential threat that is facing all humanity.

WION Exclusive: Have informed India on information shared with Interpol, says Antigua & Barbuda's PM on Choksi

UK Home Secretary Priti Patel has signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2 billion Punjab National Bank (PNB) scam case, senior Indian diplomatic sources in the UK said on Friday.

Modi, 50, who remains behind bars at Wandsworth Prison in south-west London, has 14 days to apply for permission to appeal against the Home Secretary's order in the High Court in London.

Back on February 25, the Westminster Magistrates' Court had concluded that the diamond merchant has a case to answer before the Indian courts, leaving the sign off on the order with the Cabinet minister.

He had allegedly perpetrated the fraud in the Punjab National Bank in collusion with his uncle Mehul Choksi.

After a two-year-long legal battle, District Judge Samuel Goozee had ruled that Modi only has a case to answer in the Indian courts but that there is no evidence to suggest he would not receive a fair trial in India.

He also dismissed the human rights concerns that Modi's medical needs would not be addressed as per several Indian government assurances.

"I am satisfied that there is evidence upon which NDM [Nirav Deepak Modi] could be convicted in relation [to] the conspiracy to defraud the PNB. A prima facie case is established," the judge noted.

A prima facie case to have been established on all counts of charges brought by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) money laundering, intimidation of witnesses and disappearance of evidence, he had said.

Under the UK Extradition Act 2003, the judge sent his findings to the Secretary of State for Home Affairs. It is the UK Cabinet minister who is authorised to order extradition under the India-UK Extradition Treaty and has two months within which to make that decision.

The CBI had registered the case on January 31, 2018 against Modi, Choksi and others including then officials of Punjab National Bank on a complaint from the Bank on the allegations that the accused had hatched a criminal conspiracy amongst themselves to defraud the public sector bbank by fraudulently issuing Letters of Undertaking.

Letters of Undertaking are a guarantee that a bank gives to banks abroad where its client approaches for credit.

The figure swelled to Rs 13,000 crore when similar frauds by companies of his uncle Mehul Choksi, an alleged co-conspirator, came to light, officials said.

Investigation showed that the accused officials of the Punjab National Bank, in conspiracy with said owners of the firms and others, had fraudulently issued a large number of LoUs to overseas banks for obtaining Buyer's credit in favour of said three firms without any sanctioned limit or cash margin and without making entries in the core system of the bank.

The first charge sheet was filed on May 14, 2018 against 25 accused including Modi. The second charge sheet was filed on December 20, 2019 against 30 accused people including the 25 chargesheeted earlier in respect of 150 outstanding fraudulent LoUs which had resulted in the wrongful loss of nearly Rs 6,805 crore to PNB.

It was also alleged that Modi in conspiracy with other accused had siphoned off the funds obtained as buyer's credit through dummy companies established by him in Dubai and Hong Kong which were shown as an exporter of pearls to three Nirav Modi firms and importer of pearl-studded jewellery from his firms.

Modi had escaped from India on January 1, 2018, before the registration of the case in CBI. A non-bailable arrest warrant was issued by the trial court against him followed by a red corner notice in June 2018 by Interpol.

He was arrested by the UK Police in London in March 2019 and his repeated applications for bail, were rejected by the Westminster Magistrates' Court and High Court, London.

After the second charge sheet was filed, additional pieces of evidence were submitted to the Court in London for the total fraud amount of Rs. 6,805 crore (approx.). In addition, a second extradition request for the offences of intimidating the witnesses and destruction of evidence was also submitted to the UK government.

In extradition requests, CBI submitted voluminous oral and documentary evidence to substantiate the charges of criminal conspiracy, cheating, criminal breach of trust, criminal misconduct by public servants, destruction of evidence and criminal intimidation of evidence.

India is a designated Part 2 country by virtue of the Extradition Act 2003, which means it is the minister who has the authority to order a requested person's extradition after considering a number of further issues.

Under the provisions of the act, the Secretary of State had to consider the possible imposition of the death penalty, in which case extradition cannot be ordered; the rule of specialty, which prohibits a person being dealt with in the requesting state for matters other than those referenced in the extradition request; and whether or not the person was in the UK following extradition from another state, in which case that states permission must be obtained before extraditing to a third state.

If these factors do not prevent extradition, the minister had two months within which to sign off on Judge Goozee's February 25 order. The Home Secretary's order rarely goes against the court's conclusions, as she has to consider only these very narrow bars to extradition which did not apply in Nirav's case.

However, as witnessed in the extradition case of former Kingfisher Airlines chief Vijay Mallya&nbsp;who remains on bail in the UK while a confidential&nbsp;matter, believed to relate to an asylum request, is resolved there is still some way to go before Nirav can be formally moved from Wandsworth Prison in London to Barrack 12 Arthur Road Jail in Mumbai and face trial in India.

The judge had informed Nirav Modi of his right to seek an appeal in the High Court and has up to 14 days to make that application after the Home Secretary makes her decision known. Any appeal, if granted, will be heard at the Administrative Division of the High Court in London.

It is also possible to appeal to the UK Supreme Court but this is only possible if the High Court certifies that the appeal involves a point of law of general public importance, and either the High Court or the Supreme Court gives leave for the appeal to be made.

Nirav's legal team did not immediately confirm if he intends to appeal against the order and he will remain behind bars at Wandsworth Prison on judicial remand until the next stage in the legal process.&nbsp;

UK Home Secretary Priti Patel has signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2 billion Punjab National Bank (PNB) scam case, senior Indian diplomatic sources in the UK said on Friday.

UK Home Secretary Priti Patel has signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2 billion Punjab National Bank (PNB) scam case, senior Indian diplomatic sources in the UK said on Friday. Modi, 50, who remains behind bars at Wandsworth Prison in south-west London, has 14 days to apply for permission to appeal against the Home Secretary's order in the High Court in London. Back on February 25, the Westminster Magistrates' Court had concluded that the diamond merchant has a case to answer before the Indian courts, leaving the sign off on the order with the Cabinet minister. He had allegedly perpetrated the fraud in the Punjab National Bank in collusion with his uncle Mehul Choksi. After a two-year-long legal battle, District Judge Samuel Goozee had ruled that Modi only has a case to answer in the Indian courts but that there is no evidence to suggest he would not receive a fair trial in India. He also dismissed the human rights concerns that Modi's medical needs would not be addressed as per several Indian government assurances. "I am satisfied that there is evidence upon which NDM [Nirav Deepak Modi] could be convicted in relation [to] the conspiracy to defraud the PNB. A prima facie case is established," the judge noted. A prima facie case to have been established on all counts of charges brought by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) money laundering, intimidation of witnesses and disappearance of evidence, he had said. Under the UK Extradition Act 2003, the judge sent his findings to the Secretary of State for Home Affairs. It is the UK Cabinet minister who is authorised to order extradition under the India-UK Extradition Treaty and has two months within which to make that decision. The CBI had registered the case on January 31, 2018 against Modi, Choksi and others including then officials of Punjab National Bank on a complaint from the Bank on the allegations that the accused had hatched a criminal conspiracy amongst themselves to defraud the public sector bbank by fraudulently issuing Letters of Undertaking. Letters of Undertaking are a guarantee that a bank gives to banks abroad where its client approaches for credit. The figure swelled to Rs 13,000 crore when similar frauds by companies of his uncle Mehul Choksi, an alleged co-conspirator, came to light, officials said. Investigation showed that the accused officials of the Punjab National Bank, in conspiracy with said owners of the firms and others, had fraudulently issued a large number of LoUs to overseas banks for obtaining Buyer's credit in favour of said three firms without any sanctioned limit or cash margin and without making entries in the core system of the bank. The first charge sheet was filed on May 14, 2018 against 25 accused including Modi. The second charge sheet was filed on December 20, 2019 against 30 accused people including the 25 chargesheeted earlier in respect of 150 outstanding fraudulent LoUs which had resulted in the wrongful loss of nearly Rs 6,805 crore to PNB. It was also alleged that Modi in conspiracy with other accused had siphoned off the funds obtained as buyer's credit through dummy companies established by him in Dubai and Hong Kong which were shown as an exporter of pearls to three Nirav Modi firms and importer of pearl-studded jewellery from his firms. Modi had escaped from India on January 1, 2018, before the registration of the case in CBI. A non-bailable arrest warrant was issued by the trial court against him followed by a red corner notice in June 2018 by Interpol. He was arrested by the UK Police in London in March 2019 and his repeated applications for bail, were rejected by the Westminster Magistrates' Court and High Court, London. After the second charge sheet was filed, additional pieces of evidence were submitted to the Court in London for the total fraud amount of Rs. 6,805 crore (approx.). In addition, a second extradition request for the offences of intimidating the witnesses and destruction of evidence was also submitted to the UK government. In extradition requests, CBI submitted voluminous oral and documentary evidence to substantiate the charges of criminal conspiracy, cheating, criminal breach of trust, criminal misconduct by public servants, destruction of evidence and criminal intimidation of evidence. India is a designated Part 2 country by virtue of the Extradition Act 2003, which means it is the minister who has the authority to order a requested person's extradition after considering a number of further issues. Under the provisions of the act, the Secretary of State had to consider the possible imposition of the death penalty, in which case extradition cannot be ordered; the rule of specialty, which prohibits a person being dealt with in the requesting state for matters other than those referenced in the extradition request; and whether or not the person was in the UK following extradition from another state, in which case that states permission must be obtained before extraditing to a third state. If these factors do not prevent extradition, the minister had two months within which to sign off on Judge Goozee's February 25 order. The Home Secretary's order rarely goes against the court's conclusions, as she has to consider only these very narrow bars to extradition which did not apply in Nirav's case. However, as witnessed in the extradition case of former Kingfisher Airlines chief Vijay Mallya who remains on bail in the UK while a confidential matter, believed to relate to an asylum request, is resolved there is still some way to go before Nirav can be formally moved from Wandsworth Prison in London to Barrack 12 Arthur Road Jail in Mumbai and face trial in India. The judge had informed Nirav Modi of his right to seek an appeal in the High Court and has up to 14 days to make that application after the Home Secretary makes her decision known. Any appeal, if granted, will be heard at the Administrative Division of the High Court in London. It is also possible to appeal to the UK Supreme Court but this is only possible if the High Court certifies that the appeal involves a point of law of general public importance, and either the High Court or the Supreme Court gives leave for the appeal to be made. Nirav's legal team did not immediately confirm if he intends to appeal against the order and he will remain behind bars at Wandsworth Prison on judicial remand until the next stage in the legal process.

UK home secretary approves fugitive diamantaire Nirav Modi's extradition to India 

A UK court has ordered the extradition of fugitive diamantaire Nirav Modi. Is the extradition a done deal? What are the potential challenges? How long could it take? WION's Palki Sharma tells you all you need to know.

Gravitas: Is Nirav Modi's extradition a done deal?

After a UK court ruled in favour of fugitive businessman Nirav Modi's extradition to India, the Ministry of External Affairs (MEA) on Thursday said the government will liaise with authorities in the UK for his early extradition.

The diamantaire, wanted in India on charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, lost his legal battle against extradition on all grounds as District Judge Samuel Goozee also concluded that there are no human rights concerns that his medical needs would not be addressed as per several Indian government assurances.

Replying to a query during an online media briefing, MEA spokesperson Anurag Srivastava said that since the Westminster Magistrate''s Court has recommended to the UK Home Secretary for Nirav Modi''s extradition, "the Government of India would liaise with the UK authorities for his early extradition to India."

On the request of the CBI and the ED, Modi''s extradition from the UK was sought in August 2018. He was arrested and produced before the Senior District Judge at Westminster Magistrate''s court on March 20, 2019.

Since then he is facing extradition proceedings while in judicial custody.

The final hearing in this case was held on January 7-8, 2021, while the Westminster Magistrate''s Court in London earlier in the day pronounced that he be extradited to India to stand trial.

"Dismissing the mental health concerns raised by Nirav Modi, the judge observed that Nirav Modi conspired to destroy evidence and intimidate witnesses," Srivastava said.&nbsp;

(With inputs from agencies)

After a UK court ruled in favour of fugitive businessman Nirav Modi's extradition to India, the Ministry of External Affairs (MEA) on Thursday said the government will liaise with authorities in the UK for his early extradition.

After a UK court ruled in favour of fugitive businessman Nirav Modi's extradition to India, the Ministry of External Affairs (MEA) on Thursday said the government will liaise with authorities in the UK for his early extradition. The diamantaire, wanted in India on charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, lost his legal battle against extradition on all grounds as District Judge Samuel Goozee also concluded that there are no human rights concerns that his medical needs would not be addressed as per several Indian government assurances. Replying to a query during an online media briefing, MEA spokesperson Anurag Srivastava said that since the Westminster Magistrate''s Court has recommended to the UK Home Secretary for Nirav Modi''s extradition, "the Government of India would liaise with the UK authorities for his early extradition to India." On the request of the CBI and the ED, Modi''s extradition from the UK was sought in August 2018. He was arrested and produced before the Senior District Judge at Westminster Magistrate''s court on March 20, 2019. Since then he is facing extradition proceedings while in judicial custody. The final hearing in this case was held on January 7-8, 2021, while the Westminster Magistrate''s Court in London earlier in the day pronounced that he be extradited to India to stand trial. "Dismissing the mental health concerns raised by Nirav Modi, the judge observed that Nirav Modi conspired to destroy evidence and intimidate witnesses," Srivastava said. (With inputs from agencies)

PNB scam case: India will liaise with UK for Nirav Modi's early extradition, says MEA

A UK court on Thursday ordered Nirav Modi's extradition to India after a nearly two-year-long legal battle. The court accepted the Indian case that Nirav Modi threatened witnesses and tampered with evidence.

News Alert: Nirav Modi can be extradited to India

A UK court will give a verdict on Diamond merchant Nirav Modi's extradition case. Nirav Modi is currently facing charges of fraud and money laundering.

UK judge to rule on Nirav Modi extradition case

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)

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.

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)

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

The verdict of the extradition case of fugitive diamond dealer Nirav Modi will be handed down by the UK judge next month after the Indian government and Modi`s defence lawyers made their final submissions at Westminster Magistrate's Court in London on Friday.

Judge Samuel Goozee will deliver his judgment on February 25, just under two years after Nirav Modi was arrested in London on multiple charges including defrauding the state-owned Punjab National Bank (PNB) of more than USD 2 billion.

Judge Goozee must decide if there is a `prima facie` case that Modi - the one-time billionaire and jeweller to some of the most glamorous stars in the world - not only defrauded PNB but also laundered the proceeds of that fraud and subsequently attempt to destroy crucial evidence and intimidate witnesses.

Yesterday on the penultimate day of the hearing, Modi`s lawyers have claimed that he is unfit to face solitary confinement. Today`s attention turned to the extraordinary scheme wherein Modi is alleged to have perpetrated to defraud and enrich himself and his family using the funds of one of the oldest and biggest financial institutions in India.

Helen Malcolm QC, the formidable barrister representing the Crown Prosecution Service, which in turn is representing the Indian government began the final day`s proceedings by carefully summarizing that very scheme. It was a summary that clearly made Modi visibly uncomfortable - normally subdued, Modi was seen sighing and fidgeting frequently as he appeared at the court via video link from Wandsworth Prison in south London where he has been held since his arrest.

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.

Malcolm outlined how Modi set up a string of shell companies posing as third party suppliers in Hong Kong and the United Arab Emirates and then colluded with a PNB employee - Gokulnath Shetty - to obtain hundreds of LOU`s over a 6-year period.

Malcolm told the court that the alleged fraud had enriched Modi and his family. One of the shell companies - Pacific Diamonds - had at one point paid out USD 48 million dollars to Modi himself, some USD 150 million to his father and a further USD 21 million to his brother in law Deepak.

"The simple and stark fact is that Modi used three partnership companies to acquire billions of dollars worth of credit which was entirely unsecured and LoUs were issued for wholly bogus trade. While the defence claims this is a mere commercial dispute, there is a plethora of evidence to point to a ponzi-like scheme where new LoUs were used to repay old ones," Malcolm said.

Modi laid the groundwork and took various steps to ensure that the fraud would go undetected for example by registering the shell companies in the UAE`s Ajman Free Zone which does not require companies to file audited accounts.

The funds fraudulently obtained were also recycled through various other companies located in Hong Kong, India and the UAE using the very same jewellery that had made Modi a globally recognized Diamantaire.

Once the fraud was discovered at PNB, Modi and a number of accomplices scrambled to hide their tracks, Malcolm said, by perverting the course of the investigations launched by the Central Bureau of Investigation and the Enforcement Directorate.

This included relocating a number of "directors" of the shell companies from the UAE to Cairo Egypt in 2018 where they were threatened and coerced into providing witness statements exonerated Modi.

The court was told that this particular effort was led by Modi`s brother Nihal Modi, an effort that ultimately came to light after one of those forcibly detained in Cairo recorded some of the conversations between himself and Nihal Modi. One of the most explosive moments of the trial had come in early 2020 when the court was played some of those recordings.

Malcolm also told of the elaborate steps taken by Modi, his associates and several employees of the PNB in order to avoid detection - including falsifying documents and creating elaborate but ultimately fictitious paper trails for the LOU's.

In response to Modi`s defence team contends that the transactions, including the issuance of LOU`s on "verbal" contracts between Modi and the bank, were entirely legitimate and above board. Clare Montgomery QC, Modi`s lawyer, also told the court that the so-called shell companies were no such thing and were trading property.

The court had earlier been shown documents that suggested they did. Perhaps the most extraordinary moment of the final day of this extraordinary trial came when Montgomery told Judge Goozee that what transpired in Cairo, Egypt did not amount to "witness intimidation" because they were not witnesses but rather "suspects".

She told the court that Modi and or his representatives were "perfectly able and had a right to offer them advice as co-accused" in the investigations launched by the Indian government.

Apart from charges relating to defrauding PNB through the use of fraudulent loan agreements to the tune of USD 2 billion, Modi also faces charges of money laundering, destruction of evidence and witness intimidation.While Judge Goozee will rule on the February 25, Modi is expected to pursue a long and exhaustive appeals process in the UK.

The verdict of the extradition case of fugitive diamond dealer Nirav Modi will be handed down by the UK judge next month after the Indian government and Modi`s defence lawyers made their final submissions at Westminster Magistrate's Court in London on Friday.

The verdict of the extradition case of fugitive diamond dealer Nirav Modi will be handed down by the UK judge next month after the Indian government and Modi`s defence lawyers made their final submissions at Westminster Magistrate's Court in London on Friday. Judge Samuel Goozee will deliver his judgment on February 25, just under two years after Nirav Modi was arrested in London on multiple charges including defrauding the state-owned Punjab National Bank (PNB) of more than USD 2 billion. Judge Goozee must decide if there is a `prima facie` case that Modi - the one-time billionaire and jeweller to some of the most glamorous stars in the world - not only defrauded PNB but also laundered the proceeds of that fraud and subsequently attempt to destroy crucial evidence and intimidate witnesses. Yesterday on the penultimate day of the hearing, Modi`s lawyers have claimed that he is unfit to face solitary confinement. Today`s attention turned to the extraordinary scheme wherein Modi is alleged to have perpetrated to defraud and enrich himself and his family using the funds of one of the oldest and biggest financial institutions in India. Helen Malcolm QC, the formidable barrister representing the Crown Prosecution Service, which in turn is representing the Indian government began the final day`s proceedings by carefully summarizing that very scheme. It was a summary that clearly made Modi visibly uncomfortable - normally subdued, Modi was seen sighing and fidgeting frequently as he appeared at the court via video link from Wandsworth Prison in south London where he has been held since his arrest. 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. Malcolm outlined how Modi set up a string of shell companies posing as third party suppliers in Hong Kong and the United Arab Emirates and then colluded with a PNB employee - Gokulnath Shetty - to obtain hundreds of LOU`s over a 6-year period. Malcolm told the court that the alleged fraud had enriched Modi and his family. One of the shell companies - Pacific Diamonds - had at one point paid out USD 48 million dollars to Modi himself, some USD 150 million to his father and a further USD 21 million to his brother in law Deepak. "The simple and stark fact is that Modi used three partnership companies to acquire billions of dollars worth of credit which was entirely unsecured and LoUs were issued for wholly bogus trade. While the defence claims this is a mere commercial dispute, there is a plethora of evidence to point to a ponzi-like scheme where new LoUs were used to repay old ones," Malcolm said. Modi laid the groundwork and took various steps to ensure that the fraud would go undetected for example by registering the shell companies in the UAE`s Ajman Free Zone which does not require companies to file audited accounts. The funds fraudulently obtained were also recycled through various other companies located in Hong Kong, India and the UAE using the very same jewellery that had made Modi a globally recognized Diamantaire. Once the fraud was discovered at PNB, Modi and a number of accomplices scrambled to hide their tracks, Malcolm said, by perverting the course of the investigations launched by the Central Bureau of Investigation and the Enforcement Directorate. This included relocating a number of "directors" of the shell companies from the UAE to Cairo Egypt in 2018 where they were threatened and coerced into providing witness statements exonerated Modi. The court was told that this particular effort was led by Modi`s brother Nihal Modi, an effort that ultimately came to light after one of those forcibly detained in Cairo recorded some of the conversations between himself and Nihal Modi. One of the most explosive moments of the trial had come in early 2020 when the court was played some of those recordings. Malcolm also told of the elaborate steps taken by Modi, his associates and several employees of the PNB in order to avoid detection - including falsifying documents and creating elaborate but ultimately fictitious paper trails for the LOU's. In response to Modi`s defence team contends that the transactions, including the issuance of LOU`s on "verbal" contracts between Modi and the bank, were entirely legitimate and above board. Clare Montgomery QC, Modi`s lawyer, also told the court that the so-called shell companies were no such thing and were trading property. The court had earlier been shown documents that suggested they did. Perhaps the most extraordinary moment of the final day of this extraordinary trial came when Montgomery told Judge Goozee that what transpired in Cairo, Egypt did not amount to "witness intimidation" because they were not witnesses but rather "suspects". She told the court that Modi and or his representatives were "perfectly able and had a right to offer them advice as co-accused" in the investigations launched by the Indian government. Apart from charges relating to defrauding PNB through the use of fraudulent loan agreements to the tune of USD 2 billion, Modi also faces charges of money laundering, destruction of evidence and witness intimidation.While Judge Goozee will rule on the February 25, Modi is expected to pursue a long and exhaustive appeals process in the UK.

Final verdict on fugitive businessman Nirav Modi's fate to be announced on Feb 25

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.

The 49-year-old diamond merchant, facing charges of fraud, money laundering and intimidating witnesses in the estimated USD 2-billion Punjab National Bank (PNB) scam case, appeared in the Westminster Magistrates' Court.

Sporting a full beard and dressed casually in a blazer, he followed the proceedings from a room at Wandsworth Prison in south-west London as his counsel raised Monday's judgment which blocks the extradition of Assange to the US on the grounds of his mental health.

In the Assange case, which is currently the subject of appeal, District Judge Vanessa Baraitser had ruled that extradition would be "oppressive by reason of mental harm" as the Australian activist could commit suicide.

"As in the Assange case, the issues here evidentially are the same, the mental condition of Modi and the treatment he would receive given the prison conditions in India," said barrister Clare Montgomery, reiterating that her client's mental health has been deteriorating due to his lengthy incarceration since March 2019.

The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, sought an adjournment to the proceedings in order to access Modi's mental health records to be independently evaluated by a consultant psychiatrist and appropriate assurances be acquired in terms of his care in India.

"While the issues of mental health are not contested, the consequences of those need cross-examining," said CPS barrister Helen Malcolm, who appeared via video link for the part-remote courtroom settings in place due to the UK's coronavirus lockdown.

The CPS pointed to already existing Indian government assurances in the case as well as the option for Modi to access privately paid for medical treatment, given his offer of millions in the course of several bail applications before the UK courts.

However, District Judge Samuel Goozee turned down the application for adjournment and concluded that the Indian government had "ample opportunity" to respond to five reports presented by defence witness Dr Andrew Forrester, a forensic psychiatrist who examined Modi on several occasions last year and concluded that "coupled with a severe condition of depression, he presents a high risk of suicide albeit not immediately".

The hearing on Thursday went on to focus on the defence team's concluding submissions that several legal bars exist against extraditing Modi to India, including on human rights grounds due to inadequate prison conditions that would fail to provide sufficient anti-suicide measures.

Modi's lawyers also claim that he would not receive a fair trial in India due to the case being politicised by the "ruling BJP", which impacted on the principle of presumption of innocence until proven guilty.

On Friday, the CPS will conclude submissions on the prima facie case against Modi in detail, which is expected to complete the final hearings in the case and a judgment expected in a few weeks' time.

At the last full hearing in the case in November 2020, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and ruled that the evidence to establish a prima facie case of fraud and money laundering against the wanted diamantaire is broadly admissible.

He concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya, who has been found to have a case to answer in India in his fraud and money laundering case and awaits a "confidential" legal clearance before UK Home Secretary Priti Patel can consider signing off on his extradition order.

Clare Montgomery, who was also the defence counsel in Mallya's case, has sought to establish that the two cases are "completely different".

Nirav Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of "Letters of Understanding" (LoUs or loan agreements), and the 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" added to the CBI case.

The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down.

The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of credit facilities or LoUs in a conspiracy with banking officials.

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 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. The 49-year-old diamond merchant, facing charges of fraud, money laundering and intimidating witnesses in the estimated USD 2-billion Punjab National Bank (PNB) scam case, appeared in the Westminster Magistrates' Court. Sporting a full beard and dressed casually in a blazer, he followed the proceedings from a room at Wandsworth Prison in south-west London as his counsel raised Monday's judgment which blocks the extradition of Assange to the US on the grounds of his mental health. In the Assange case, which is currently the subject of appeal, District Judge Vanessa Baraitser had ruled that extradition would be "oppressive by reason of mental harm" as the Australian activist could commit suicide. "As in the Assange case, the issues here evidentially are the same, the mental condition of Modi and the treatment he would receive given the prison conditions in India," said barrister Clare Montgomery, reiterating that her client's mental health has been deteriorating due to his lengthy incarceration since March 2019. The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, sought an adjournment to the proceedings in order to access Modi's mental health records to be independently evaluated by a consultant psychiatrist and appropriate assurances be acquired in terms of his care in India. "While the issues of mental health are not contested, the consequences of those need cross-examining," said CPS barrister Helen Malcolm, who appeared via video link for the part-remote courtroom settings in place due to the UK's coronavirus lockdown. The CPS pointed to already existing Indian government assurances in the case as well as the option for Modi to access privately paid for medical treatment, given his offer of millions in the course of several bail applications before the UK courts. However, District Judge Samuel Goozee turned down the application for adjournment and concluded that the Indian government had "ample opportunity" to respond to five reports presented by defence witness Dr Andrew Forrester, a forensic psychiatrist who examined Modi on several occasions last year and concluded that "coupled with a severe condition of depression, he presents a high risk of suicide albeit not immediately". The hearing on Thursday went on to focus on the defence team's concluding submissions that several legal bars exist against extraditing Modi to India, including on human rights grounds due to inadequate prison conditions that would fail to provide sufficient anti-suicide measures. Modi's lawyers also claim that he would not receive a fair trial in India due to the case being politicised by the "ruling BJP", which impacted on the principle of presumption of innocence until proven guilty. On Friday, the CPS will conclude submissions on the prima facie case against Modi in detail, which is expected to complete the final hearings in the case and a judgment expected in a few weeks' time. At the last full hearing in the case in November 2020, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and ruled that the evidence to establish a prima facie case of fraud and money laundering against the wanted diamantaire is broadly admissible. He concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya, who has been found to have a case to answer in India in his fraud and money laundering case and awaits a "confidential" legal clearance before UK Home Secretary Priti Patel can consider signing off on his extradition order. Clare Montgomery, who was also the defence counsel in Mallya's case, has sought to establish that the two cases are "completely different". Nirav Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of "Letters of Understanding" (LoUs or loan agreements), and the 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" added to the CBI case. The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down. The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of credit facilities or LoUs in a conspiracy with banking officials.

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

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

Fugitive diamond merchant Nirav Modi, wanted in connection with the estimated USD 2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case.

The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London.

The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.

At the last full hearing in the case in November, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and ruled that the evidence to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible.

He concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya.

The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, had stressed that the evidence, including witness statements under Section 161 of the Indian Code of Criminal Procedure (CrPC), meets the required threshold for the UK court to determine whether Modi has a case to answer before the Indian judicial system.

"The argument that this is a very specific case, distinguishable from Mallya is frankly nonsense," said CPS barrister Helen Malcolm.

That Mallya has a case to answer in India in his fraud and money laundering case has cleared various levels of the UK judicial system and is currently undergoing a "confidential" legal issue before UK Home Secretary Priti Patel can consider signing off on his extradition.

Modi's barrister, Clare Montgomery, who was also the defence counsel in Mallya's case, however, disputed that the Section 161 witness statements qualify as similar.

"The government of India case is not as strong as it was in Mallya," said Montgomery, as she also raised a specific issue over a witness who was said to speak no English in his testimony for the CBI but signed a statement in English for the ED.

Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of "Letters of Understanding" (LoUs or loan agreements), and the 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 added to the CBI case.

The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down.

The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB or LoUs.

The CPS, on behalf of India, have told the court during the course of two separate set of hearings in May and September that a number of PNB staff conspired with Modi to ensure the 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 defence team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems and jewellery trade and that the LoUs were standard practice.

His severe depression has also been raised as part of the arguments against extradition.

Fugitive diamond merchant Nirav Modi, wanted in connection with the estimated USD 2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case.

Fugitive diamond merchant Nirav Modi, wanted in connection with the estimated USD 2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case. The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later. At the last full hearing in the case in November, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and ruled that the evidence to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible. He concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, had stressed that the evidence, including witness statements under Section 161 of the Indian Code of Criminal Procedure (CrPC), meets the required threshold for the UK court to determine whether Modi has a case to answer before the Indian judicial system. "The argument that this is a very specific case, distinguishable from Mallya is frankly nonsense," said CPS barrister Helen Malcolm. That Mallya has a case to answer in India in his fraud and money laundering case has cleared various levels of the UK judicial system and is currently undergoing a "confidential" legal issue before UK Home Secretary Priti Patel can consider signing off on his extradition. Modi's barrister, Clare Montgomery, who was also the defence counsel in Mallya's case, however, disputed that the Section 161 witness statements qualify as similar. "The government of India case is not as strong as it was in Mallya," said Montgomery, as she also raised a specific issue over a witness who was said to speak no English in his testimony for the CBI but signed a statement in English for the ED. Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of "Letters of Understanding" (LoUs or loan agreements), and the 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 added to the CBI case. The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down. The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB or LoUs. The CPS, on behalf of India, have told the court during the course of two separate set of hearings in May and September that a number of PNB staff conspired with Modi to ensure the 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 defence team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems and jewellery trade and that the LoUs were standard practice. His severe depression has also been raised as part of the arguments against extradition.

PNB scam case: UK court extends diamond fugitive Nirav Modi's remand till January 7

Fugitive diamond merchant, Nirav Modi, faced another setback as a UK judge on ruled in the government of India's favour by allowing the admissibility of its evidence against Modi. The development improves chances of Modi`s extradition to India.

Tuesday's hearing was an additional hearing scheduled to rule on the admissibility of evidence presented before the Westminster Magistrates Court. Modi was remanded in custody till December 1. Both sides will make their closing submissions on January 7 and 8 and the judgement is expected a few weeks after that in 2021.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/nirav-modi-faces-suicide-risk-in-india-uk-court-told-326088#:~:text=Nirav%20Modi%2C%20fighting%20extradition%20to,a%20UK%20court%20on%20Tuesday.">Nirav Modi faces suicide risk in India, UK court told</a>

Modi's lawyer, Clare Montgomery QC, countered India`s arguments at the hearing by comparing the case with ex Indian Navy officer but now an arms dealer, Ravi Shankaran, who is in the UK and is yet to be extradited.

Arguing the overturning of Shankaran's extradition based on the government of India's evidence not meeting the UK extradition criteria, Montgomery told the court that statements under section 161 of Code of Criminal Procedure in India (statements of witnesses recorded and signed by the police) were not admissible in extradition cases.

Despite Montgomery`s strong opposition, district judge Samuel Mark Goozee decided to rule according to the judgement in case of Vijay Mallya, which said that statements under section 161 were valid in the court of law.

Referring to a report by the Law Commission of India, which claimed they "should never have any evidential value", Montgomery said, "The concern in India is these statements are not being taken from witnesses, and are rather the product of corrupt or incompetent conduct by police.''

"There were many complaints that dishonest police officers can write anything they like in them and the statements are often inaccurate. Section 161 statements are not directly made by witnesses or directly confirmed by them to be true - it is simply a self-fulfilling assertion of (an) officer," Montgomery added.

Helen Malcom QC, representing the Crown Prosecution Service (CPS), on behalf of the federal government of India, said the argument on Shankaran was "nonsense" and "a misguided point" and told Judge Goozee he was "bound by Mallya on (section) 161".

"Section 161 is the way the CBI takes witness statements in India. This would change the entire nature of evidence from India for extraditions," Malcom added.

The charges against the fugitive merchant centre around his firms Diamonds R Us, Stellar Diamonds and Solar Exports making fraudulent use of a credit facility offered by the Punjab National Bank (PNB), known as "letters of undertaking" (LoUs).

The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, sought to establish that a number of PNB staff conspired with Modi to ensure LoUs. The letters of undertaking (LoUs) were issued to his companies without required credit checks, without recording the issuance of the LoUs and without charging the required commission upon the transactions. This resulted in a fraud amounting to nearly $2 billion (Rs 13,500 crore).

Fugitive diamond merchant, Nirav Modi, faced another setback as a UK judge on ruled in the government of India's favour by allowing the admissibility of its evidence against Modi.

Fugitive diamond merchant, Nirav Modi, faced another setback as a UK judge on ruled in the government of India's favour by allowing the admissibility of its evidence against Modi. The development improves chances of Modi`s extradition to India. Tuesday's hearing was an additional hearing scheduled to rule on the admissibility of evidence presented before the Westminster Magistrates Court. Modi was remanded in custody till December 1. Both sides will make their closing submissions on January 7 and 8 and the judgement is expected a few weeks after that in 2021. Also read | Nirav Modi faces suicide risk in India, UK court told Modi's lawyer, Clare Montgomery QC, countered India`s arguments at the hearing by comparing the case with ex Indian Navy officer but now an arms dealer, Ravi Shankaran, who is in the UK and is yet to be extradited. Arguing the overturning of Shankaran's extradition based on the government of India's evidence not meeting the UK extradition criteria, Montgomery told the court that statements under section 161 of Code of Criminal Procedure in India (statements of witnesses recorded and signed by the police) were not admissible in extradition cases. Despite Montgomery`s strong opposition, district judge Samuel Mark Goozee decided to rule according to the judgement in case of Vijay Mallya, which said that statements under section 161 were valid in the court of law. Referring to a report by the Law Commission of India, which claimed they "should never have any evidential value", Montgomery said, "The concern in India is these statements are not being taken from witnesses, and are rather the product of corrupt or incompetent conduct by police.'' "There were many complaints that dishonest police officers can write anything they like in them and the statements are often inaccurate. Section 161 statements are not directly made by witnesses or directly confirmed by them to be true - it is simply a self-fulfilling assertion of (an) officer," Montgomery added. Helen Malcom QC, representing the Crown Prosecution Service (CPS), on behalf of the federal government of India, said the argument on Shankaran was "nonsense" and "a misguided point" and told Judge Goozee he was "bound by Mallya on (section) 161". "Section 161 is the way the CBI takes witness statements in India. This would change the entire nature of evidence from India for extraditions," Malcom added. The charges against the fugitive merchant centre around his firms Diamonds R Us, Stellar Diamonds and Solar Exports making fraudulent use of a credit facility offered by the Punjab National Bank (PNB), known as "letters of undertaking" (LoUs). The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, sought to establish that a number of PNB staff conspired with Modi to ensure LoUs. The letters of undertaking (LoUs) were issued to his companies without required credit checks, without recording the issuance of the LoUs and without charging the required commission upon the transactions. This resulted in a fraud amounting to nearly $2 billion (Rs 13,500 crore).

Nirav Modi faces another setback as UK judge rules in India's favour

From Vijay Mallya to Nirav Modi, why do most fugitive billionaires consider Britain the safest hiding spot? On Gravitas Plus, Palki Sharma tells you what makes UK a haven for financial fraudsters.

Gravitas Plus: Why do the British love fugitive Billionaires?

Nirav Modi’s legal team on Tuesday alleged that he is unlikely to get a fair trial in India due to the politicisation of his case and the diamond merchant faces a "high risk of suicide" due to the lack of adequate medical facilities in Indian prisons.

Nirav Modi is depressed & faces politically biased trial in India, alleges his legal team

nirav-modi

Nirav Modi, News on Nirav Modi, stories on Nirav Modi, articles on Nirav Modi, Nirav Modi stories at Wion, Nirav Modi news, Nirav Modi latest news

nirav modi