Nirav Modi

The UK High Court ordered diamond merchant Nirav Modi's extradition to India on the charges of fraud and money laundering, amounting to an estimated $2 billion in the Punjab National Bank (PNB) loan scam case. What options does fugitive businessman Nirav Modi have left? Watch the video to find out!

The 49-year-old, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail on the basis of a change in circumstances.

Nirav Modi had the directors’ passports taken away and phones smashed after flying them to Dubai and Cairo.

A Joint Director-level officer has been deputed to leave for London Wednesday with necessary documents, they said.

A London court had issued the arrest warrant against Modi, the main accused in the PNB scam case, in response to an Enforcement Directorate (ED) request for his extradition in a money laundering case.

The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

The Red Corner Notice was issued after a rquest by the CBI.

The potential cyber security breach could compromise investigation into the Nirav Modi case

Modi, who is reportedly in the UK attempting a political asylum, and Choksi, promoter of Gitanjali group whose whereabouts are unknown as yet, are on the run since the CBI registered an FIR against them on January 31.

Punjab National Bank, India's second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

The ED chargesheet filed Thursday also details the attachments made by the agency against Modi and his associates in the last few months after it first registered an FIR in the PNB fraud case. It focuses on the money laundering aspect and the role of Nirav Modi and others in perpetrating the alleged fraud, a senior official said.

These numbers suggest that right after the scam came to light, other jewellers used up their existing credit limits to escape the methods that banks employed for self-protection

Govt is fast-tracking a draft law that will allow “non-conviction” based seizure.

In a letter Modi wrote on February 15/16 to the Punjab National Bank management, a copy of which PTI has seen, he pegged the money his companies owe to the bank under Rs 5,000 crore.

Jewellers are concerned about financing and line of credit from banks going forward

Punjab National Bank MD & CEO Sunil Mehta breaks silence and spells the details of how the scam was unearthed and reported to investigating agencies.

Official sources said the agency sleuths swooped down on at least ten premises of entities involved in the case early morning.