Nirav Modi

Arif M. Naqvi, the financier who seduced Bill Gates, governments to invest millions, has to wait for Nirav Modi's fate before UK court decides on his extradition to US to face fraud charges.

Vijay Mallya, Nirav Modi, Pramod Mittal, Lalit Modi have added a strong Indian flavour to London as a destination for dubious, failed, problematic business enterprises.

The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously.

Nirav Modi and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB, a public sector bank.

The CPS, which represents the Indian authorities in court, highlighted that the appeal can be heard at a full hearing on two grounds related to the mental health of the 50-year-old diamantaire, who is lodged at Wandsworth Prison in south-west London as he fights his extradition to face charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case.

Justice Martin Chamberlain delivered his verdict remotely under COVID-19 rules to conclude that the arguments presented by the 50-year-old diamond merchant’s legal team concerning his “severe depression” and “high risk of suicide” were arguable at a substantial hearing.

The 50-year-old diamond merchant, wanted in India to face charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, observed the remotely held court proceedings from his Wandsworth Prison in south-west London as his lawyers argued for permission to appeal against his extradition ordered by District Judge Sam Goozee in February and certified by UK Home Secretary Priti Patel in April.

The ED said that Rs 1,060 crore has been granted to banks by a Fugitive Economic Offense Court in the Nirav Modi case.

The Enforcement Directorate (ED) had earlier confiscated assets worth over Rs 329.66 crore of Nirav Modi under the fugitive economic offenders law.

Purvi Modi is one of the approvers in the PNB scam case, which lists her brother Nirav and uncle Mehul Choksi among main accused.

The 50-year-old jeweller, who remains behind bars at Wandsworth Prison in south-west London, had lost the first stage of the High Court appeals process last week as a judge declined permission to appeal "on the papers".

The Enforcement Directorate (ED) said on June 23 that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre.

Mehul Choksi, after his "mysterious" disappearance from Antigua on May 23, was detained by the Dominican authorities on May 25. Since then, the Antiguan government has urged the neighbouring Caribbean nation to "directly extradite" him to India.

Choksi, who had recently fled from Antigua and Barbuda, was captured in neighbouring Dominica after an Interpol Yellow Notice was issued against him, Antiguan media reported on Wednesday.

Special Judge V C Barde has also asked Modi to appear before the court on June 11.

The Crown Prosecution Service (CPS) confirmed an appeal has been lodged but a High Court judge who will make a decision on the matter is yet to be assigned.

Modi is believed to have left India in January 2018 while PNB announced the scam a month later, in February. In March 2019, Modi was arrested in London.

The latest development arrives ahead of United Kingdom's Prime Minister Boris Johnson’s India visit.

The statement was issued by Sitharaman in the Rajya Sabha while replying to a debate on the insurance amendment bill.

The Westminster Magistrates' Court said there is prima facie evidence of fraud against Nirav Modi, who is the main accused in the estimated $2 billion Punjab National Bank (PNB) scam case.