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Monday 16 December 2019
Economy Business Nirav Modi, with bail plea rejected, to remain in...

Nirav Modi, with bail plea rejected, to remain in custody till 29 March

Nirav Modi's arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case

[pullquote]• PNB fraud accused Nirav Modi, after staying in police custody until 29 March, will now be produced in a London court, before the commencement of his extradition hearing.
• CBI had requested the UK authorities to detain Nirav Modi, with the UK confirming Modi’s presence on its soil.[/pullquote]

New Delhi/London: PNB fraud accused Nirav Modi was arrested by the Scotland Yard in London on Wednesday, more than a year after he escaped from India after defrauding Punjab National Bank (PNB) of ₹14,356 crore. He was produced in the Westminster Magistrates’ Court which rejected his bail plea. The court will hear the case again on 29 March. He will remain in custody till then.

Nirav Modi’s extradition hearing on 29 March

Nirav Modi and his uncle Mehul Choksi are the prime accused in the bank scam involving fake guarantees in the name of the state-run lender Punjab National Bank.

Fugitive jeweller Nirav Modi, prime accused In the Rs. 13,000-crore PNB fraud case was arrested in central London’s Holborn area and has also applied for bail.

On two different occasions, Nirav Modi was seen by the media in London after the UK put out an arrest warrant for him. Nirav Modi and his uncle Mehul Choksi are the prime accused in the bank scam involving fake guarantees in the name of the state-run lender PNB to secure loans overseas. Both left India in January last year before the CBI started investigating the PNB scam.

Earlier this month, Nirav Modi was seen walking in London by a reporter of British newspaper The Telegraph. In a two-minute clip shared by the newspaper, the billionaire was seen wearing a much-talked-about expensive ostrich hide jacket, repeatedly said “no comments”.

Nirav Modi was arrested at the Holborn tube station in London. PNB shares jumped over 3% intraday on the news of Nirav Modi’s arrest.

Nirav Modi’s arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case.

“Nirav Deepak Modi, 48 (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn,” the Metropolitan Police said in a statement. “He will appear in custody at Westminster Magistrates’ Court on Wednesday, 20 March,” the statement added.

It would seem that his arrest is on an extradition warrant, details of which would become clear when he appears before Westminster Magistrates’ Court in London.

In July, Interpol had issued a red corner notice against Nirav Modi, his brother Neeshal Modi and close aide Subhash Parab, who was an executive with the Nirav Modi group.

The Red Corner Notice allows security agencies in all Interpol member-countries to track down and arrest the suspect so that extradition proceedings can be started against them.

The move comes as a big boost for India’s agencies hunting Modi in connection with ₹14,356 crore PNB fraud case.

The Central Bureau of Investigation (CBI) had requested the UK authorities to detain Nirav Modi, with the UK confirming Modi’s presence on its soil.

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