Nirav Modi

Mehul Choksi, the promoter of company, is currently on the run.

Choksi and his nephew diamantaire Nirav Modi are absconding after the biggest financial fraud came to light in February 2018 and are facing extradition from Antigua and Britain, respectively

The Union Finance Ministry issued an order April 16 after getting sanction from the Appointments Committee of the Cabinet and subsequently the ED headquarters in Delhi issued the orders relieving Agarwal from the post of special director of the agency in Mumbai, the officials said.

The three businessmen mentioned by Gandhi, are wanted in India for fraud and money laundering.

A two-member bench of VP Singh and Ravikumar Duraisamy, allowing more time, fixed the matter for further hearing to April 25.

Modi could be charged with violations in the Racketeer Influenced and Corrupt Organisations (RICO) Act.

The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a High Court bail appeal at any time until his next remand hearing on April 26.

"Do we know which part of India he (Modi) is being sought in," the judge asked, to try and establish which jail Modi is likely to be held in.

The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion.

Nirav was denied bail on grounds of the high value of funds embezzled and high access of escape

'Given the nature and seriousness of charges and the resources available to him… there will be an overwhelming desire to flee the jurisdiction and interfere with the administration of justice,' said Cadman.

As soon as the news came out, sources said, ED Director Sanjay Kumar Mishra cancelled the order in Delhi and restored the charge to Kumar.

The 48-year-old diamond merchant was denied bail by District Judge Marie Mallon at his first hearing soon after his arrest by Scotland Yard officers from a central London bank branch as he tried to open a new bank account and has been in custody at the HMP Wandsworth prison in south-west London since last Wednesday.

"Modi is expected to be produced before the court for a second bail application hearing on March 29," a court official confirmed on Tuesday.

In a petition filed before the high court, the firm, Camelot Enterprises, has said such action is unlawful.

Auctioneers say the sale is the first of its kind in a country where tax authorities have usually auctioned property, gold and luxury items, but not art.

What is SWIFT? How has the Modi scam brought about changes in the banking sector?

The judge remanded him in custody till March 29 after which he was transferred to Her Majesty's Prison (HMP) Wandsworth in south-west London.

The 48-year-old's defence team, led by barrister George Hepburne Scott, told the court about the existence of the multiple travel documents during his plea for bail, which was rejected by District Judge Marie Mallon.

HMP Wandsworth is a Category B prison, where criminals are held if not deemed to be of a high level of security risk.