United Kingdom, Nov 10, 2022: The High Court in London has rejected diamond merchant Nirav Modi’s plea against extradition to India in connection to the Punjab National Bank (PNB) fraud case.
Last February, the 51-year-old businessman had been granted permission to appeal against District Judge Sam Goozee’s Westminster Magistrates’ Court ruling in favour of extradition.
However, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year, delivered the verdict against Modi’s plea and and have ordered Modi’s extradition to face charges of fraud and money laundering, amounting to an estimated USD 2 billion.
Nirav Modi is the subject of two sets of criminal proceedings – the CBI case pertaining to a large-scale fraud upon PNB via the fraudulent obtaining of letters of undertaking (LoUs) or loan agreements, and the ED case relating to the laundering of the proceeds of that fraud.
Additionally, he also faces two charges of “causing the disappearance of evidence” and intimidating witnesses or “criminal intimidation to cause death”, which were added to the CBI case.
Nirav Modi was declared a Fugitive Economic Offender (FEO) in December of 2019.
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