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

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

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

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

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."

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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.

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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."

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"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, fighting extradition to India, is unlikely to get a fair trial there due to the politicisation of his case and he faces a "high risk of suicide" due to the lack of adequate medical facilities in Indian prisons, his legal team told a UK court on Tuesday.

The 49-year-old fugitive diamond merchant is fighting extradition charges related to the estimated $2 billion Punjab National Bank (PNB) fraud and money laundering case brought by the Indian government at Westminster Magistrates' Court in London.

On the second day of Modi's five-day extradition hearing at the court, Justice Samuel Goozee was taken through official Indian prisons data, including statistics on coronavirus cases at Arthur Road Jail in Mumbai where Modi is to be held if he is extradited.

Modi's barrister, Clare Montgomery, also laid out her plans to depose further expert witnesses during the course of week, including a former Indian Supreme Court judge referred to only by his last name of Katju.

"There has been a significant decline in the integrity of the justice system in India&nbsp;and the Nirav Modi case has been made a political issue, with no presumption made of innocence,"&nbsp;Montgomery told the court.

She claimed that because the jeweller had been made into a "hate figure" in India, there was an "overwhelming political necessity" to condemn him and see him convicted.

She added that other defence witnesses also highlight a decline in the "standards of behaviour" of investigating agencies, the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).

The court was told about a "marked decline"&nbsp;in Modi's mental health at Wandsworth Prison in south-west London, where stricter coronavirus curbs have meant a lack of access to inhouse counselling facilities and very limited contact with family, with only 25 minutes allowed outside his cell in July.

"He has increasingly suffered from severe depression and the latest assessment shows he is on the threshold of being subject to hospitalisation unless given proper treatment&nbsp;and his fitness to plead may be in doubt here or in the requesting state (India) given a high risk of suicide,"&nbsp;Montgomery said, adding that the availability of psychiatric help in Indian prisons was "utterly inadequate".

"The laconic assurance [of the government of India] and the prison video to say that he will be kept in humane conditions appears to be completely inadequate when one bears in mind his psychiatric condition and in addition the looming threat of COVID-19," she said.

Modi's legal team also indicated plans to depose an expert in tropical medicine in an attempt to counter Indian government claims that the COVID-19 outbreak reported at Arthur Road Jail in Mumbai in May had been brought under control.

"What is claimed is improbable and the management of COVID-19 within Arthur Road Jail does not add up," Montgomery told the judge.

The defence arguments follow the Crown Prosecution Service (CPS) opening the second part of the extradition trial on Monday on behalf of the Indian authorities, which focused on establishing a prima facie case of fraud and money laundering against Modi.

CPS barrister Helen Malcolm took Justice Goozee through detailed witness statements by so-called "dummy directors"&nbsp;including Ashish Lad, who recorded a video back in June 2018 to say that his life had been threatened by Modi.

She laid out details of how as the details of the fraud were beginning to emerge, the jeweller started by hiding most of the evidence, in particular the originals of "letters of undertaking" (LoUs) from PNB, and then went on to "threaten, intimidate, cajole and bribe officials."

"He destroyed mobiles of dummy directors and threatened one of the witnesses with death," Malcolm told the court.

Modi, dressed in a dark suit and white shirt, has been observing the court proceedings remotely from a room in Wandsworth Prison and referring to bundles of documents laid out before him from time to time.

He is subject to two sets of criminal proceedings, the first brought by the CBI relating to a large-scale fraud said to have been committed upon PNB and the ED case, relating to the laundering of the proceeds of that fraud.

A further extradition request was made in February this year, certified by UK Home Secretary Priti Patel, of two additional offences relating to allegations that Modi interfered with the CBI investigation by causing the disappearance of evidence and intimidating a witness.

The CPS must establish a prima facie case against Modi to allow the judge to rule that he has a case to answer before the Indian courts. If the judge finds a prima facie case against Modi, it will go back to Patel to formally certify his extradition to India to stand trial.

A ruling in the case is expected at the end of this year after a final hearing scheduled for December 1.

Modi has made repeated attempts at bail over the past year, each of which were turned down as he is deemed a flight risk. The jeweller was arrested on March 19 last year on an extradition warrant executed by Scotland Yard.

Nirav Modi, fighting extradition to India, is unlikely to get a fair trial there due to the politicisation of his case and he faces a "high risk of suicide" due to the lack of adequate medical facilities in Indian prisons, his legal team told a UK court on Tuesday.

Nirav Modi, fighting extradition to India, is unlikely to get a fair trial there due to the politicisation of his case and he faces a "high risk of suicide" due to the lack of adequate medical facilities in Indian prisons, his legal team told a UK court on Tuesday. The 49-year-old fugitive diamond merchant is fighting extradition charges related to the estimated $2 billion Punjab National Bank (PNB) fraud and money laundering case brought by the Indian government at Westminster Magistrates' Court in London. On the second day of Modi's five-day extradition hearing at the court, Justice Samuel Goozee was taken through official Indian prisons data, including statistics on coronavirus cases at Arthur Road Jail in Mumbai where Modi is to be held if he is extradited. Modi's barrister, Clare Montgomery, also laid out her plans to depose further expert witnesses during the course of week, including a former Indian Supreme Court judge referred to only by his last name of Katju. "There has been a significant decline in the integrity of the justice system in India and the Nirav Modi case has been made a political issue, with no presumption made of innocence," Montgomery told the court. She claimed that because the jeweller had been made into a "hate figure" in India, there was an "overwhelming political necessity" to condemn him and see him convicted. She added that other defence witnesses also highlight a decline in the "standards of behaviour" of investigating agencies, the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). The court was told about a "marked decline" in Modi's mental health at Wandsworth Prison in south-west London, where stricter coronavirus curbs have meant a lack of access to inhouse counselling facilities and very limited contact with family, with only 25 minutes allowed outside his cell in July. "He has increasingly suffered from severe depression and the latest assessment shows he is on the threshold of being subject to hospitalisation unless given proper treatment and his fitness to plead may be in doubt here or in the requesting state (India) given a high risk of suicide," Montgomery said, adding that the availability of psychiatric help in Indian prisons was "utterly inadequate". "The laconic assurance [of the government of India] and the prison video to say that he will be kept in humane conditions appears to be completely inadequate when one bears in mind his psychiatric condition and in addition the looming threat of COVID-19," she said. Modi's legal team also indicated plans to depose an expert in tropical medicine in an attempt to counter Indian government claims that the COVID-19 outbreak reported at Arthur Road Jail in Mumbai in May had been brought under control. "What is claimed is improbable and the management of COVID-19 within Arthur Road Jail does not add up," Montgomery told the judge. The defence arguments follow the Crown Prosecution Service (CPS) opening the second part of the extradition trial on Monday on behalf of the Indian authorities, which focused on establishing a prima facie case of fraud and money laundering against Modi. CPS barrister Helen Malcolm took Justice Goozee through detailed witness statements by so-called "dummy directors" including Ashish Lad, who recorded a video back in June 2018 to say that his life had been threatened by Modi. She laid out details of how as the details of the fraud were beginning to emerge, the jeweller started by hiding most of the evidence, in particular the originals of "letters of undertaking" (LoUs) from PNB, and then went on to "threaten, intimidate, cajole and bribe officials." "He destroyed mobiles of dummy directors and threatened one of the witnesses with death," Malcolm told the court. Modi, dressed in a dark suit and white shirt, has been observing the court proceedings remotely from a room in Wandsworth Prison and referring to bundles of documents laid out before him from time to time. He is subject to two sets of criminal proceedings, the first brought by the CBI relating to a large-scale fraud said to have been committed upon PNB and the ED case, relating to the laundering of the proceeds of that fraud. A further extradition request was made in February this year, certified by UK Home Secretary Priti Patel, of two additional offences relating to allegations that Modi interfered with the CBI investigation by causing the disappearance of evidence and intimidating a witness. The CPS must establish a prima facie case against Modi to allow the judge to rule that he has a case to answer before the Indian courts. If the judge finds a prima facie case against Modi, it will go back to Patel to formally certify his extradition to India to stand trial. A ruling in the case is expected at the end of this year after a final hearing scheduled for December 1. Modi has made repeated attempts at bail over the past year, each of which were turned down as he is deemed a flight risk. The jeweller was arrested on March 19 last year on an extradition warrant executed by Scotland Yard.

Nirav Modi faces suicide risk in India, UK court told

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

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

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

Nirav Modi extradition trial to resume in UK court on September 7

Nirav Modi, a diamond merchant who fled India and facing extradition, on Thursday was further remanded in custody until August 27.&nbsp;

The fugitive businessman appeared via videolink before Westminster Magistrates' Court in London on charges of defrauding and laundering money of Punjab National Bank (PNB), which amounts nearly USD 2 billion.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-confiscates-nirav-modis-assets-worth-rs-329-crore-311693">Enforcement Directorate confiscates Nirav Modi's assets worth Rs 329 crore</a>

Modi was also told that the next hearing in the matter will be a case management one ahead of a five-day trial scheduled to begin from September 7.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/enforcement-directorate-brings-back-rs-1350-cr-worth-polished-diamonds-pearls-of-nirav-modi-choksi-firms-from-hong-kong-304856">Enforcement Directorate brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi, Choksi firms from Hong Kong</a>

"You (Modi) will appear via videolink again. Your lawyers may be present in court," District Judge Vanessa Baraitser said.&nbsp;

The trial will not only deal with arguments of establishing a prima facie case against Modi but will also hear a second extradition request from India over additional charges of "causing the disappearance of evidence" and intimidating witnesses or "criminal intimidation to cause death".&nbsp;

District Judge Samuel Goozee, who presided the first part of extradition trial, has already hinted that the requests made by New Delhi are "inextricably linked" and therefore he would be announcing an overall verdict post the conclusion of the second trial.&nbsp;

The 49-year-old diamond merchant is facing charges that are centred around fraudulent use of a credit service offered by the PNB, known as 'letters of undertaking' (LoUs).

Modi has denied all the charges and claimed that using LoUs is standard practice in gems trade.&nbsp;

(With inputs from PTI)

Nirav Modi, a diamond merchant who fled India and facing extradition, on Thursday was further remanded in custody until August 27. The fugitive businessman appeared via videolink before Westminster Magistrates' Court in London on charges of defrauding and laundering money of Punjab National Bank (PNB), which amounts nearly USD 2 billion.

Nirav Modi, a diamond merchant who fled India and facing extradition, on Thursday was further remanded in custody until August 27. The fugitive businessman appeared via videolink before Westminster Magistrates' Court in London on charges of defrauding and laundering money of Punjab National Bank (PNB), which amounts nearly USD 2 billion. Also read | Enforcement Directorate confiscates Nirav Modi's assets worth Rs 329 crore Modi was also told that the next hearing in the matter will be a case management one ahead of a five-day trial scheduled to begin from September 7. Also read | Enforcement Directorate brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi, Choksi firms from Hong Kong "You (Modi) will appear via videolink again. Your lawyers may be present in court," District Judge Vanessa Baraitser said. The trial will not only deal with arguments of establishing a prima facie case against Modi but will also hear a second extradition request from India over additional charges of "causing the disappearance of evidence" and intimidating witnesses or "criminal intimidation to cause death". District Judge Samuel Goozee, who presided the first part of extradition trial, has already hinted that the requests made by New Delhi are "inextricably linked" and therefore he would be announcing an overall verdict post the conclusion of the second trial. The 49-year-old diamond merchant is facing charges that are centred around fraudulent use of a credit service offered by the PNB, known as 'letters of undertaking' (LoUs). Modi has denied all the charges and claimed that using LoUs is standard practice in gems trade. (With inputs from PTI)

Nirav Modi's custody extended, trial to begin in September

The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders' law.

<a href="https://www.wionews.com/business-economy/enforcement-directorate-brings-back-rs-1350-cr-worth-polished-diamonds-pearls-of-nirav-modi-choksi-firms-from-hong-kong-304856">Also Read:&nbsp;ED brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi from Hong Kong</a>

This is the first confiscation of assets order issued under the law that was brought by the Modi government in 2018 with an aim to deter economic offenders from evading the process of law by remaining outside the jurisdiction of Indian courts.

The businessman, his uncle Mehul Choksi and others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.

"The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London, residential flats in UAE and shares and bank deposits," the central probe agency said in a statement.

A special court in Mumbai had on June 8 authorised the ED to confiscate the assets. Nirav Modi, 49, was declared a fugitive economic offender by the same court on December 5 last year.

"The ED has attached the properties worth Rs 329.66 crore under the FEO Act, 2018 which now stands confiscated to the central government," it said.

As per the FEO Act, the confiscated property can be put up for auction after 90 days of issuance of the order and the amount collected is deposited with the exchequer or government account.

The ED also sticks a notice of confiscation on such properties.

The agency till now has attached assets worth Rs 2,348 crore (assessed value) of Nirav Modi under the Prevention of Money Laundering Act (PMLA) in this case.

The agency said the special court had "directed it to attach the properties (other than assets mortgaged or hypothecated and secured to PNB led consortium) belonging to Nirav Modi and his companies and ordered that after attachment the said properties shall stand confiscated to central government under Section 12(2) and (8) of the FEO Act".

The court had also directed the consortium of banks to approach it for claiming the mortgaged or hypothecated and secured properties which were attached by the ED under PMLA.

"On examination of properties attached, it was found that assets worth Rs 1,000 crore are prima facie covered under mortgage."

"Further, the Bombay High Court had directed that sale proceeds of paintings of about Rs 45 crore to be kept as fix deposits till further orders," the agency said.

Process for confiscation of remaining attached properties under FEO Act is underway, it said.

The agency had filed an application before the Mumbai court on July 10, 2018 to declare Nirav Modi a fugitive economic offender based on its PMLA investigation against him.

Nirav Modi is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India.&nbsp;

The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders' law.

The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders' law. Also Read: ED brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi from Hong Kong This is the first confiscation of assets order issued under the law that was brought by the Modi government in 2018 with an aim to deter economic offenders from evading the process of law by remaining outside the jurisdiction of Indian courts. The businessman, his uncle Mehul Choksi and others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai. "The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London, residential flats in UAE and shares and bank deposits," the central probe agency said in a statement. A special court in Mumbai had on June 8 authorised the ED to confiscate the assets. Nirav Modi, 49, was declared a fugitive economic offender by the same court on December 5 last year. "The ED has attached the properties worth Rs 329.66 crore under the FEO Act, 2018 which now stands confiscated to the central government," it said. As per the FEO Act, the confiscated property can be put up for auction after 90 days of issuance of the order and the amount collected is deposited with the exchequer or government account. The ED also sticks a notice of confiscation on such properties. The agency till now has attached assets worth Rs 2,348 crore (assessed value) of Nirav Modi under the Prevention of Money Laundering Act (PMLA) in this case. The agency said the special court had "directed it to attach the properties (other than assets mortgaged or hypothecated and secured to PNB led consortium) belonging to Nirav Modi and his companies and ordered that after attachment the said properties shall stand confiscated to central government under Section 12(2) and (8) of the FEO Act". The court had also directed the consortium of banks to approach it for claiming the mortgaged or hypothecated and secured properties which were attached by the ED under PMLA. "On examination of properties attached, it was found that assets worth Rs 1,000 crore are prima facie covered under mortgage." "Further, the Bombay High Court had directed that sale proceeds of paintings of about Rs 45 crore to be kept as fix deposits till further orders," the agency said. Process for confiscation of remaining attached properties under FEO Act is underway, it said. The agency had filed an application before the Mumbai court on July 10, 2018 to declare Nirav Modi a fugitive economic offender based on its PMLA investigation against him. Nirav Modi is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India.

Enforcement Directorate confiscates Nirav Modi's assets worth Rs 329 crore

Threats of being implicated for theft and even being killed are among the allegations caught on camera in a video recorded by so-called “dummy directors” associated with companies linked to Nirav Modi, which was submitted by the CBI to the UK court hearing the extradition case against the diamond merchant charged with fraud and money laundering.

A group of six Indian men can be heard in the video played at Westminster Magistrates’ Court in London during the trial this week, with each of them making allegations of being forced to leave Dubai and come to Cairo, Egypt, where their passports were confiscated and were allegedly made to sign dubious documents against their will by Modi’s brother, Nehal Modi.

“My name is Ashish Kumar Mohanbhai Lad, I am the namesake owner of Sunshine Gems Limited, Hong Kong, and Unity Trading Fze, Dubai,” says one of the men on the recording from June 2018.

“Nirav Modi phoned me and told me that he would implicate me for theft. He used the worst expletives” told me that he would get me killed… he did so much to us,” he says in Hindi.

The other Central Bureau of Investigation (CBI) witnesses include Rushabh Jethwa, who says he is the namesake owner of Empire Gems FZE in Sharjah; Sonu Mehta, the namesake director of Auragem Company Limited, Hong Kong; Shreedhar Mayekar, the namesake owner of Unique Diamond and Jewellery, Azman; and Nileshkumar Balwantrai Mistry, the namesake owner of Hamilton Precious Traders Limited in Dubai.

Speaking in a mix of Hindi and Gujarati, they are heard saying that they are making the recording as they fear for their safety and just want to go back to India but are being held against their will.

“We have signed the document because they will not give back our passports until we sign,” says Jethwa.

These witnesses relate to the Enforcement Directorate (ED) discovery that dummy directors/owners/managers were appointed in a number of overseas companies in Hong Kong and Dubai, though the companies remained under the direct control of Modi.

The charges against the 49-year-old diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank (PNB), known as “letters of undertaking” (LoUs).

According to the government of India’s case, a number of PNB staff conspired with Modi to ensure LoUs were issued to these 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. This resulted in a fraud amounting to nearly USD 2 billion.

Modi claims to have come to the UK ahead of a planned initial public offering (IPO) but an Interpol Red Notice was issued against him before he was traced to a plush rented apartment at Centre Point in central London early last year.

An extradition request from the Indian government was certified by the UK Home Office in February last year before his arrest by Scotland Yard on March 19, 2019. The jeweller remains behind bars at Wandsworth Prison in south-west London since then, failing to get bail despite repeated attempts.

A second extradition request, relating to “causing the disappearance of evidence” and intimidating witnesses or “criminal intimidation to cause death”, was also certified earlier this year. While the hearing to establish a prima facie case against Modi is ongoing in London this week, the extradition trial will conclude only in September once the second part of the case and the defence arguments against prison conditions at Arthur Road Jail in Mumbai are heard.

The UK’s Crown Prosecution Service (CPS), presenting the arguments in court on behalf of the Indian authorities, has sought to establish a pattern of dishonest behaviour on the part of Modi when he acquired the LoUs and also in their dispersal across a complex worldwide empire.

Modi’s defence team have claimed a paucity of evidence to prove dishonesty and also questioned the admissibility of some of the evidence.

A ruling in the extradition hearing to establish whether Modi has a case to answer in the Indian courts and that there are no human rights barriers to him being extradited to India is expected only after the second hearing in the case in September.

Threats of being implicated for theft and even being killed are among the allegations caught on camera in a video recorded by so-called “dummy directors” associated with companies linked to Nirav Modi, which was submitted by the CBI to the UK court hearing the extradition case against the diamond merchant charged with fraud and money laundering.

Threats of being implicated for theft and even being killed are among the allegations caught on camera in a video recorded by so-called “dummy directors” associated with companies linked to Nirav Modi, which was submitted by the CBI to the UK court hearing the extradition case against the diamond merchant charged with fraud and money laundering. A group of six Indian men can be heard in the video played at Westminster Magistrates’ Court in London during the trial this week, with each of them making allegations of being forced to leave Dubai and come to Cairo, Egypt, where their passports were confiscated and were allegedly made to sign dubious documents against their will by Modi’s brother, Nehal Modi. “My name is Ashish Kumar Mohanbhai Lad, I am the namesake owner of Sunshine Gems Limited, Hong Kong, and Unity Trading Fze, Dubai,” says one of the men on the recording from June 2018. “Nirav Modi phoned me and told me that he would implicate me for theft. He used the worst expletives” told me that he would get me killed… he did so much to us,” he says in Hindi. The other Central Bureau of Investigation (CBI) witnesses include Rushabh Jethwa, who says he is the namesake owner of Empire Gems FZE in Sharjah; Sonu Mehta, the namesake director of Auragem Company Limited, Hong Kong; Shreedhar Mayekar, the namesake owner of Unique Diamond and Jewellery, Azman; and Nileshkumar Balwantrai Mistry, the namesake owner of Hamilton Precious Traders Limited in Dubai. Speaking in a mix of Hindi and Gujarati, they are heard saying that they are making the recording as they fear for their safety and just want to go back to India but are being held against their will. “We have signed the document because they will not give back our passports until we sign,” says Jethwa. These witnesses relate to the Enforcement Directorate (ED) discovery that dummy directors/owners/managers were appointed in a number of overseas companies in Hong Kong and Dubai, though the companies remained under the direct control of Modi. The charges against the 49-year-old diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank (PNB), known as “letters of undertaking” (LoUs). According to the government of India’s case, a number of PNB staff conspired with Modi to ensure LoUs were issued to these 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. This resulted in a fraud amounting to nearly USD 2 billion. Modi claims to have come to the UK ahead of a planned initial public offering (IPO) but an Interpol Red Notice was issued against him before he was traced to a plush rented apartment at Centre Point in central London early last year. An extradition request from the Indian government was certified by the UK Home Office in February last year before his arrest by Scotland Yard on March 19, 2019. The jeweller remains behind bars at Wandsworth Prison in south-west London since then, failing to get bail despite repeated attempts. A second extradition request, relating to “causing the disappearance of evidence” and intimidating witnesses or “criminal intimidation to cause death”, was also certified earlier this year. While the hearing to establish a prima facie case against Modi is ongoing in London this week, the extradition trial will conclude only in September once the second part of the case and the defence arguments against prison conditions at Arthur Road Jail in Mumbai are heard. The UK’s Crown Prosecution Service (CPS), presenting the arguments in court on behalf of the Indian authorities, has sought to establish a pattern of dishonest behaviour on the part of Modi when he acquired the LoUs and also in their dispersal across a complex worldwide empire. Modi’s defence team have claimed a paucity of evidence to prove dishonesty and also questioned the admissibility of some of the evidence. A ruling in the extradition hearing to establish whether Modi has a case to answer in the Indian courts and that there are no human rights barriers to him being extradited to India is expected only after the second hearing in the case in September.

UK court played video of Nirav Modi’s threats to ‘dummy directors’

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI.

Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances.

However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level.

"We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said.

"The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said.

Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24.

He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court.

Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year.

(With inputs from PTI)&nbsp;

 
&nbsp;

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case. Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances. However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level. "We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said. "The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said. Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24. He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court. Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year. (With inputs from PTI)

UK court to hear Nirav Modi's fifth bail application

Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned next month, auction house Saffronart said on Wednesday.

The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction, while 72 other items would be sold through an online auction.

Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

Saffronart, which had conducted an auction of some artworks belonging to Modi in March last year that fetched over Rs 55 crore, initially said there would be a live auction of 112 items on Thursday (February 27) and an online auction next week.

In a late evening statement on Wednesday, Saffronart said the live auction has been postponed to March 5 on "instructions from the Enforcement Directorate".

The online auction would be held as scheduled earlier on March 3 and 4.

A 1935 painting by Amrita Sher-Gil titled 'Boys with Lemons' is expected to be the biggest draw at the live auction and could fetch anywhere between Rs 12-18 crore. A 1972 piece from modernist M F Hussain is also expected to fetch a similar price, Saffronart said.

Other art pieces to be sold include works by V S Gaitonde, Manjit Bawa and Raja Ravi Varma, it added.

Rare timepieces, including a Jaeger-LeCoultre Men's 'Reverso Gyrotourbillon 2' Limited Edition Wristwatch that can fetch up to Rs 70 lakh, a Patek Phillipe 'Nautilus' Gold and

Diamond Wristwatch that is also estimated to fetch up to Rs 70 lakh, would also go under the hammer.

Among luxury cars, a Rolls Royce Ghost would be up for grabs and is expected to fetch up to Rs 95 lakh, Saffronart said, adding the car is ideal for long-distance travel.

The sale would also feature branded handbags, including from the iconic Birkin and Kelly lines by French luxury goods manufacturer Herms, which are expected to fetch up to Rs 6 lakh a piece.

There would be 72 items in the online auction, including a Porsche Panamera S car which could be sold for up to Rs 15 lakh, the auction house said.

Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned next month, auction house Saffronart said on Wednesday.

Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned next month, auction house Saffronart said on Wednesday. The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction, while 72 other items would be sold through an online auction. Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail. Saffronart, which had conducted an auction of some artworks belonging to Modi in March last year that fetched over Rs 55 crore, initially said there would be a live auction of 112 items on Thursday (February 27) and an online auction next week. In a late evening statement on Wednesday, Saffronart said the live auction has been postponed to March 5 on "instructions from the Enforcement Directorate". The online auction would be held as scheduled earlier on March 3 and 4. A 1935 painting by Amrita Sher-Gil titled 'Boys with Lemons' is expected to be the biggest draw at the live auction and could fetch anywhere between Rs 12-18 crore. A 1972 piece from modernist M F Hussain is also expected to fetch a similar price, Saffronart said. Other art pieces to be sold include works by V S Gaitonde, Manjit Bawa and Raja Ravi Varma, it added. Rare timepieces, including a Jaeger-LeCoultre Men's 'Reverso Gyrotourbillon 2' Limited Edition Wristwatch that can fetch up to Rs 70 lakh, a Patek Phillipe 'Nautilus' Gold and Diamond Wristwatch that is also estimated to fetch up to Rs 70 lakh, would also go under the hammer. Among luxury cars, a Rolls Royce Ghost would be up for grabs and is expected to fetch up to Rs 95 lakh, Saffronart said, adding the car is ideal for long-distance travel. The sale would also feature branded handbags, including from the iconic Birkin and Kelly lines by French luxury goods manufacturer Herms, which are expected to fetch up to Rs 6 lakh a piece. There would be 72 items in the online auction, including a Porsche Panamera S car which could be sold for up to Rs 15 lakh, the auction house said.

Auction of Nirav Modi's assets postponed; live auction on March 5

The Central Bureau of Investigation (CBI) on Saturday filed a charge sheet in the Rs 13,500 crore Punjab National Bank (PNB) scam case in which it invoked criminal intimidation charges against the main accused, <a href="https://www.wionews.com/india-news/punjab-national-bank-fraud-case-nirav-modi-declared-fugitive-economic-offender-under-pmla-court-266342">Nirav Modi</a>, for threatening to kill one of the dummy directors of his company.

The investigating agency told the special court in Maharashtra that Modi threatened to kill one of the directors, Ashish Mohanbhai Lad if he ever expressed a desire to return to India from Cairo.

The CBI said that Lad had fled from Dubai to Cairo to avoid arrest. Later in June 2018, when he planned to return to India from Cairo, he was contacted by Nehal Modi on Nirav Modi's behalf and threatened.

"Investigation revealed that subsequent to the threatening call by Nirav Modi to Ashish Mohanbhai Lad... accused Nehal Modi offered Rs 20 lakh to Lad for visiting Europe to give a favourable statement before the lawyer and a judge in a European court to help Nirav Modi which was refused by Lad," the CBI said in the charge sheet.

Wanted diamantaire Nirav Modi was declared a fugitive economic offender earlier his month for evading prosecution in the scam.

Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the bank along with his uncle, Mehul Choksi.

Modi, 48, was arrested in March this year by Scotland Yard in connection with the case.

He has not returned to India despite repeated summons from Indian probe agencies and courts.

India is seeking his extradition to make him face the law of the land for allegedly committing economic offences.&nbsp;

The Central Bureau of Investigation (CBI) on Saturday filed a charge sheet in the Rs 13,500 crore Punjab National Bank (PNB) scam case in which it invoked criminal intimidation charges against the main accused, Nirav Modi, for threatening to kill one of the dummy directors of his company.

The Central Bureau of Investigation (CBI) on Saturday filed a charge sheet in the Rs 13,500 crore Punjab National Bank (PNB) scam case in which it invoked criminal intimidation charges against the main accused, Nirav Modi, for threatening to kill one of the dummy directors of his company. The investigating agency told the special court in Maharashtra that Modi threatened to kill one of the directors, Ashish Mohanbhai Lad if he ever expressed a desire to return to India from Cairo. The CBI said that Lad had fled from Dubai to Cairo to avoid arrest. Later in June 2018, when he planned to return to India from Cairo, he was contacted by Nehal Modi on Nirav Modi's behalf and threatened. "Investigation revealed that subsequent to the threatening call by Nirav Modi to Ashish Mohanbhai Lad... accused Nehal Modi offered Rs 20 lakh to Lad for visiting Europe to give a favourable statement before the lawyer and a judge in a European court to help Nirav Modi which was refused by Lad," the CBI said in the charge sheet. Wanted diamantaire Nirav Modi was declared a fugitive economic offender earlier his month for evading prosecution in the scam. Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the bank along with his uncle, Mehul Choksi. Modi, 48, was arrested in March this year by Scotland Yard in connection with the case. He has not returned to India despite repeated summons from Indian probe agencies and courts. India is seeking his extradition to make him face the law of the land for allegedly committing economic offences.

PNB scam: Nirav Modi threatened to kill company's director, claims chargesheet

The Prevention of Money Laundering Act (PMLA) court in Mumbai on December 5 declared <a href="https://www.wionews.com/india-news/red-corner-notice-against-nirav-modis-brother-remains-valid-cbi-260646">Nirav Modi</a>, prime accused in the over $2 billion Punjab National Bank (PNB) scam a fugitive economic offender.

He is the second person, after Vijay Mallya, to be charged under the newly-promulgated Fugitive Economic Offenders (FEO) Act that was passed last year.

The Special court passed the order on the plea of Enforcement Directorate (ED).

Watch: Why is Nirav Modi threatening suicide?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-is-nirav-modi-threatening-suicide-260631/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Nirav Modi and Mehul Choksi are accused in the multi-crore scam that has rattled the country and economy.

<a href="https://www.wionews.com/india-news/punjab-national-bank-fraud-case-british-court-rejects-fugitive-diamantaire-nirav-modis-fresh-bail-application-260364">The scam started in 2011</a> and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

Meanwhile, the PNB filed a second complaint with the CBI on February 13.

The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.

(With inputs from ANI)

The Prevention of Money Laundering Act (PMLA) court in Mumbai on December 5 declared Nirav Modi, prime accused in the over $2 billion Punjab National Bank (PNB) scam a fugitive economic offender.

The Prevention of Money Laundering Act (PMLA) court in Mumbai on December 5 declared Nirav Modi, prime accused in the over $2 billion Punjab National Bank (PNB) scam a fugitive economic offender. He is the second person, after Vijay Mallya, to be charged under the newly-promulgated Fugitive Economic Offenders (FEO) Act that was passed last year. The Special court passed the order on the plea of Enforcement Directorate (ED). Watch: Why is Nirav Modi threatening suicide? Nirav Modi and Mehul Choksi are accused in the multi-crore scam that has rattled the country and economy. The scam started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. Meanwhile, the PNB filed a second complaint with the CBI on February 13. The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31. (With inputs from ANI)

Punjab National Bank fraud case: Nirav Modi declared fugitive economic offender

Nirav Modi declared as a fugitive economic offender by Mumbai court in the PNB scam

India: Nirav Modi declared fugitive by Mumbai court

The Central Bureau of Investigation will soon file fresh charges in the $2 billion <a href="https://www.wionews.com/india-news/punjab-national-bank-fraud-case-british-court-rejects-fugitive-diamantaire-nirav-modis-fresh-bail-application-260364">Punjab National Bank (PNB)</a> fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter.

In the police's initial charges, billionaire jeweller Nirav Modi, 21 other people, including PNB officials, and three Modi companies were accused of being involved in fraudulent transactions that led to losses of roughly 65 billion rupees ($911 million) for PNB.

Three other Modi employees, a PNB officer, and a relative of Modi's are now also likely to be charged, said the source, who asked not to be identified as the charges have yet to be made public.

"The investigating officer's report is in and the charge sheet is ready. It is being reviewed by the head office," said the source.

India's Central Bureau of Investigation (CBI) did not immediately respond to a request for comment.

PNB, India's second-biggest state-run bank, in 2018 alleged that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups - controlled by Modi and his uncle Mehul Choksi - raise funds in foreign credit. Both have denied any wrongdoing.

Modi was arrested in London in March and is currently fighting extradition to India.

Police filed their first charges in May last year and at the time detailed only some of the alleged fraudulent transactions to Modi and his associates.

The new charge sheet will include 150 transactions and provide details on how fake bank guarantees were used to funnel funds between countries and dummy companies, the source said.

A separate second charge sheet against Choksi and his associates is still pending and will take time as police link 142 other transactions to that case, another source told Reuters on condition of anonymity.

PNB has said losses related to Choksi and his associates were more than 70 billion rupees.

The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank (PNB) fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter.

The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank (PNB) fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter. In the police's initial charges, billionaire jeweller Nirav Modi, 21 other people, including PNB officials, and three Modi companies were accused of being involved in fraudulent transactions that led to losses of roughly 65 billion rupees ($911 million) for PNB. Three other Modi employees, a PNB officer, and a relative of Modi's are now also likely to be charged, said the source, who asked not to be identified as the charges have yet to be made public. "The investigating officer's report is in and the charge sheet is ready. It is being reviewed by the head office," said the source. India's Central Bureau of Investigation (CBI) did not immediately respond to a request for comment. PNB, India's second-biggest state-run bank, in 2018 alleged that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups - controlled by Modi and his uncle Mehul Choksi - raise funds in foreign credit. Both have denied any wrongdoing. Modi was arrested in London in March and is currently fighting extradition to India. Police filed their first charges in May last year and at the time detailed only some of the alleged fraudulent transactions to Modi and his associates. The new charge sheet will include 150 transactions and provide details on how fake bank guarantees were used to funnel funds between countries and dummy companies, the source said. A separate second charge sheet against Choksi and his associates is still pending and will take time as police link 142 other transactions to that case, another source told Reuters on condition of anonymity. PNB has said losses related to Choksi and his associates were more than 70 billion rupees.

CBI to soon file fresh charges in $2 billion Punjab National Bank fraud case: Report

The CBI has clarified that the Red Corner Notice (RCN) against fugitive diamantaire Nirav Modi's brother Nehal Deepak Modi is valid and visible to all member countries.

"As per media query related to the Red Notice against Nehal Deepak Modi, it is clarified that the Interpol Secretariat General (IPSG), Lyon on 02.10.2019 informed that the Notice remains valid and visible to all member countries," CBI said.

The Interpol had in September issued a Red Corner Notice (RCN) against Nehal Deepak Modi in connection with a money laundering case.

Forty-year-old Nehal was born in Belgium and is now under the scanner in connection with the case.

Nirav Modi is the prime accused in Rs 13,500 crore Punjab National Bank (PNB) fraud and money laundering case.

He had fled the country in January last year before the scam came to light.

He was, however, arrested by Scotland Yard and is in jail since then. His judicial custody ends on September 19.&nbsp; 
&nbsp;

The CBI has clarified that the Red Corner Notice (RCN) against fugitive diamantaire Nirav Modi's brother Nehal Deepak Modi is valid and visible to all member countries.

The CBI has clarified that the Red Corner Notice (RCN) against fugitive diamantaire Nirav Modi's brother Nehal Deepak Modi is valid and visible to all member countries. "As per media query related to the Red Notice against Nehal Deepak Modi, it is clarified that the Interpol Secretariat General (IPSG), Lyon on 02.10.2019 informed that the Notice remains valid and visible to all member countries," CBI said. The Interpol had in September issued a Red Corner Notice (RCN) against Nehal Deepak Modi in connection with a money laundering case. Forty-year-old Nehal was born in Belgium and is now under the scanner in connection with the case. Nirav Modi is the prime accused in Rs 13,500 crore Punjab National Bank (PNB) fraud and money laundering case. He had fled the country in January last year before the scam came to light. He was, however, arrested by Scotland Yard and is in jail since then. His judicial custody ends on September 19.

Red Corner Notice against Nirav Modi's brother remains valid: CBI

The Man Who Looted India, Nirav Modi, Now Threatens To Commit Suicide If Extradited To India.

Gravitas: Why is Nirav Modi threatening suicide?

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