Nirav Modi Arrested in London; Court Rejects Bail

 

Nirav Modi Arrested in London; Court Rejects Bail

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Fugitive Indian diamantaire Nirav Modi, wanted in the Rs13,500 crore Punjab National Bank (PNB) fraud case, is arrested in the UK. His bail plea was rejected when he was produced in the local court at London. Next hearing in this matter would take place on 29 March 2019 before the chief magistrate and till that time Nirav Modi will remain in custody.

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Last week, the Westminster Court had issued an arrest warrant against Nirav Modi.

Nirav Modi and his uncle Mehul Choksi are under probe by both the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). The ED filed money laundering cases against them and others on 15 February 2019 on the basis of a first information report (FIR) registered by the CBI.
Accused in the Rs13,500-crore PNB fraud case, Nirav Modi is living openly in a three-bedroom flat, occupying half the floor of the landmark Centre Point tower block, The Telegraph had reported.
The report also claimed he was involved in a new diamond business, run from an office in Soho, just a few hundred yards from his apartment. The new business was incorporated in May 2018, said the report.
The Interpol had issued a red corner notice against Nirav Modi in July 2018 on the request of the ED and the CBI.
An extradition request against him has been pending before the UK authorities since last September.
The ED on 26 February 2019 attached properties of Nirav Modi and his associate companies worth Rs147 crore in connection with the PNB fraud case.
In a statement, the ED had said, “The ED has provisionally attached movable and immovable properties located in Mumbai and Surat, having market value of Rs 147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd, Radheshir Jewelry Co Pvt Ltd and Rhythm House Pvt Ltd”.
The ED claimed that during investigation, it was revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports, Stellar Diamonds, Diamond RUS from PNB were diverted to the absconding diamantaire, his relatives and entities controlled by him.
The ED had earlier attached properties in India and abroad to the tune of Rs 1,725.36 crore.
Besides the properties, the ED had also attached gold, diamond, bullions, jewellery and other valuables worth Rs 489.75 crore.

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