PNB, India's second-largest state-run bank, said in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using fraudulent guarantees issued by rogue staff of the bank. Apart from claiming that the charges against him were politically motivated, Nirav Modi said in the bail plea that he has a 5-year-old child to look after. He is expected to be produced at London's Westminster Magistrates Court at 3.30 pm (IST). Highlighting the United Kingdom domestic laws that would apply to Modi, the prosecution said that he would be liable on charges of conspiracy to defraud and a conspiracy to hide here.
A British daily recently published a report and video showing Modi walking on the streets of London and said the fugitive diamantaire was living in a swanky 8-million pounds apartment in the city's West End and that he was involved in a new diamond business.
February 15th, 2018: India's Enforcement Directorate registers a money laundering case against Nirav Modi and his associates under the Prevention of Money Laundering Act. Modi's legal team was headed by Barrister George Hepburne-Scott and his solicitor, Anand Doobay, is the same legal expert hired by liquor baron Vijay Mallya in his extradition proceedings against India. Union ministers Ravi Shankar Prasad and Hardeep Singh Puri hailed the arrest of Nirav and said that it was a major achievement for the Narendra Modi-led government. "He contests the extradition case and allegations", said Modi's counsel.
The case on Nirav Modi's extradition was earlier adjourned in the Westminster court till 29 March.
Modi's case will likely mirror that of Mallya, who is out on bail since he was arrested on an extradition warrant in 2017.
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Modi was employed in London on a monthly salary of £20,000 and regularly paid his council tax, his lawyers added.
Modi fled India past year after being accused of having a central role in a Dollars 1.8-billion fraud involving Punjab National Bank (PNB), the country's second-largest public lender. If the order is confirmed even during the appeal, the final decision will still rest with Javid to send Modi to India.
Having recognized India's most wanted fugitive, a teller at Metro Bank in London reportedly contacted the police, who rushed to the scene to arrest the businessman.
"An extradition request can not be sent at the stage of investigation". Furthermore, a non-bailabl warrant has been issued by PMLA court against Ami Modi, wife of Nirav Modi.