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

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

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

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

Dominica Prime Minister Roosevelt Skerrit has termed "total nonsense" the claims that his government was involved in alleged abduction of diamantaire Mehul Choksi, wanted in Rs 13,5000 crore scam in Punjab National Bank, from Antigua and Barbuda, neighbouring local media there reported.

In his weekly "annou palay" show, Skerrit said his government will allow the court to carry out its process regarding Choksi and gave the assurance that his rights and obligations will be respected, Dominica News Online reported.

Skerrit refuted the allegations of a plot between India and Dominica government to kidnap Choksi from neighbouring Caribbean country Antigua and Barbuda, where he was staying since 2018 as a citizen, after fleeing from India, and bring him to Dominica, the news portal reported.

"To say that the government of Dominica and the government of Antigua along with India colluded in any way, give me a break, that's total nonsense. We don't get involved ourselves in those kinds of activities, those practices, not at all. I mean that is absurd and we reject it and it is unfortunate that anybody would want to propagate this unsubstantiated claim by a gentleman who is before the courts," he was quoted as saying by Dominica News Online.

He further said "whether it would be fair for a local who commits murder in Dominica and flees to another country, is allowed to roam free or instead be apprehended and sent back to Dominica to face his charges".

Citing the case of a Dominica citizen wanted by the United States whose extradition proceedings are going on in courts to counter opposition on Choksi, Skerrit said the country cannot treat people differently depending on who they are or how much money they may have.

"All of us are subjected to the laws irrespective of our position or how much money we may have or how much we don't have. And I believe that in this circumstanceDominica has a right and obligation to apprehend this person and bring the person before the courts and let the courts determine," he said.

"We here in Dominica with the opposition talking about Choksi but there is a young boy from Grand BayWhere there is an extradition request by the United States government on allegations that he committed a crime in St Thomas and we are mandated and obligated to apprehend him.

"And the police acted on the instruction of the DPP (Director of Public Prosecutions) arrested the young man and he is remanded at the state prison awaiting his extradition hearing. His lawyers will fight his case. If the courts believe that there is no reason to extradite him to the United States then he will go freely," Skerrit said.

Choksi's lawyer in Dominica Justin Simon claimed that United Kingdom's Metropolitan Police, known as Scotland Yard, has started looking into allegations of torture and kidnapping of Choksi as citizens there were allegedly part of the plot, the news site reported.

Simon told media that there will be international implications if Dominica or Antigua turns out to be involved in the alleged plot, it said.

Dominica Prime Minister Roosevelt Skerrit has termed "total nonsense" the claims that his government was involved in alleged abduction of diamantaire Mehul Choksi, wanted in Rs 13,5000 crore scam in Punjab National Bank, from Antigua and Barbuda, neighbouring local media there reported.

Dominica Prime Minister Roosevelt Skerrit has termed "total nonsense" the claims that his government was involved in alleged abduction of diamantaire Mehul Choksi, wanted in Rs 13,5000 crore scam in Punjab National Bank, from Antigua and Barbuda, neighbouring local media there reported. In his weekly "annou palay" show, Skerrit said his government will allow the court to carry out its process regarding Choksi and gave the assurance that his rights and obligations will be respected, Dominica News Online reported. Skerrit refuted the allegations of a plot between India and Dominica government to kidnap Choksi from neighbouring Caribbean country Antigua and Barbuda, where he was staying since 2018 as a citizen, after fleeing from India, and bring him to Dominica, the news portal reported. "To say that the government of Dominica and the government of Antigua along with India colluded in any way, give me a break, that's total nonsense. We don't get involved ourselves in those kinds of activities, those practices, not at all. I mean that is absurd and we reject it and it is unfortunate that anybody would want to propagate this unsubstantiated claim by a gentleman who is before the courts," he was quoted as saying by Dominica News Online. He further said "whether it would be fair for a local who commits murder in Dominica and flees to another country, is allowed to roam free or instead be apprehended and sent back to Dominica to face his charges". Citing the case of a Dominica citizen wanted by the United States whose extradition proceedings are going on in courts to counter opposition on Choksi, Skerrit said the country cannot treat people differently depending on who they are or how much money they may have. "All of us are subjected to the laws irrespective of our position or how much money we may have or how much we don't have. And I believe that in this circumstanceDominica has a right and obligation to apprehend this person and bring the person before the courts and let the courts determine," he said. "We here in Dominica with the opposition talking about Choksi but there is a young boy from Grand BayWhere there is an extradition request by the United States government on allegations that he committed a crime in St Thomas and we are mandated and obligated to apprehend him. "And the police acted on the instruction of the DPP (Director of Public Prosecutions) arrested the young man and he is remanded at the state prison awaiting his extradition hearing. His lawyers will fight his case. If the courts believe that there is no reason to extradite him to the United States then he will go freely," Skerrit said. Choksi's lawyer in Dominica Justin Simon claimed that United Kingdom's Metropolitan Police, known as Scotland Yard, has started looking into allegations of torture and kidnapping of Choksi as citizens there were allegedly part of the plot, the news site reported. Simon told media that there will be international implications if Dominica or Antigua turns out to be involved in the alleged plot, it said.

'Total nonsense': Dominica PM on claims that his government was involved in Choksi's abduction

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

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

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 UK High Court on Wednesday denied bail to diamond merchant Nirav Modi, who is fighting his extradition from Britain to India in the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

PNB fraud case: UK High Court denies bail to Nirav Modi, to stay in jail