Nirav Modi

These FEOs owe a combined amount of Rs 37,185.83 crore in loans to Indian banks.

On November 9, the UK high court had given the green signal to Nirav Modi's extradition to India

The Crown Prosecution Service (CPS), which appears on behalf of the Indian government in the UK courts, had until Monday to file a response in the High Court in London on the 51-year-old diamond merchant's plea against being extradited to India

Nirav, who remains behind bars at Wandsworth Prison in London, had two weeks to file an application seeking an appeal on the grounds of a point of law of general public importance, which according to experts is a high threshold that is not met very often.

The 51-year-old diamantaire lost an appeal on mental health grounds earlier this month, when a two-judge High Court bench ruled that his risk of suicide was not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case.

Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year, delivered the verdict.

On the second day of the final stage of the High Court appeal hearing, being pursued by 51-year-old Modi against being extradited to face the Indian courts in the estimated USD 2 billion Punjab National Bank loan scam case, a two-judge panel continued to hear arguments that the diamantaire poses a high risk of suicide due to his depressive state.

Lord Justice Jeremy Stuart-Smith and Justice Robert Jay heard from Andrew Forrester, Professor of Forensic Psychiatry at Cardiff University, and Seena Fazel, Professor of Forensic Psychiatry at Oxford University, in the final stages of the extradition appeal being pursued by the 51-year-old diamond merchant.

Prior to the government’s new overseas investment rules, bankers learned some hard lessons in the corporate loan business

Retired Justice Nandrajog will give evidence on the sovereign assurance given by the government of India, and on the status of accessing private healthcare in Arthur Road Jail, Mumbai.

The 51-year-old diamond merchant had lodged an appeal last year against his extradition order on mental health grounds.

According to the Reserve Bank of India’s annual report released on May 27, banks reported 9,103 frauds in FY22, involving Rs 60,414 crore. Interestingly, the total net profit of 12 state-run banks during FY22 stood at Rs 66,541 crore

The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Mehul Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.

The CBI has been investigating a bank fraud case and attempting to reintroduce Shankar to the country.

The Funnycontrol Awards or as we call it Oscars for financial actors like Vijay Mallya, Nirav Modi, or business news anchors. Let’s look at some of the award categories for this year.

The trio have defrauded public sector banks to the tune of Rs 22,585.83 crore by siphoning off funds through entities linked to them, MoS Finance Pankaj Chaudhary said in the Rajya Sabha.

The figures were mentioned in the note submitted by Solicitor General Tushar Mehta in the apex court, which is hearing arguments on a batch of petitions concerning the interpretation of certain provisions of the Prevention of Money Laundering Act (PMLA).

Finance Minister Nirmala Sitharaman in December last year, had informed that as of July 2021 banks had recovered Rs 13,109 crore after the sale of assets belonging to the three. At the time the latest tranche of recoveries was valued at Rs 792 crore.

Lord Justice Jeremy Stuart-Smith and Justice Robert Jay presided over the hearing at the Royal Courts of Justice to determine whether District Judge Sam Goozee’s February ruling in favour of extradition was incorrect to overlook the diamond merchant’s high risk of suicide.

Mounting criticism that London is used for money laundering led to Pakistani billionaire losing 10-year multi-entry visit visa, but questions remain on investor visa that provided refuge to Nirav Modi.