UK courtroom once more rejects Nirav Modi’s bail in PNB fraud case
That is the seventh time that the UK courtroom has rejected Nirav Modi’s bail plea.
Nirav Modi, who is needed in India by Central Bureau of Investigation and the Enforcement Directorate (ED) in Rs 13,500 crore Punjab Nationwide Financial institution (PNB) fraud case and has been at London’s Wandsworth Jail since his arrest in March 2019, will seem earlier than a courtroom subsequent month, through video-link, for the second part of his extradition trial.
Final month, the UK courtroom has prolonged the remand of the diamantaire until the subsequent scheduled listening to in his ongoing extradition trial on November 3.
The CBI and ED, looking for Nirav Modi’s extradition to India, are being represented by the Crown Prosecution Service within the UK. The fugitive businessman has utilized for political asylum in UK after he was denied bail 5 instances.
In July this yr, the ED confiscated the fugitive diamantaire’s properties price Rs 329.66 crore in Mumbai, Rajasthan, the United Arab Emirates (UAE) and the UK. The movable and immovable belongings had been seized underneath the Fugitive Financial Offenders Act, 2018.
The belongings included 4 flats at Samudra Mahal, the enduring constructing in south Mumbai’s Worli, a seaside farm home and land in Alibaug, a wind mill in Jaisalmer, a flat in London, some flats within the UAE, shares and financial institution deposits. On December 5, 2019, the courtroom declared him a fugitive financial offender.
Modi and his uncle Mehul Choksi of the Geetanjali Group are being investigated by the 2 businesses after the PNB alleged that they cheated it of Rs 13,500 crore with the involvement of some financial institution staff.
The ED has filed a cost sheet towards Choksi in a Prevention of Cash Laundering Act Court docket in Mumbai.
India is at the moment making efforts to extradite Nirav Modi from the UK and his uncle Choksi from Antigua and Barbuda the place he’s now a citizen.
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