The UK High Court has rejected the appeal of PNB scam accused Nirav Modi, paving the way for him to come to India.
A big scam was exposed in PNB in 2018. The main accused in this scam was Nirav Modi, who had fled abroad along with his family a few days before the scam came to light by defrauding the bank to the tune of Rs 11,500 crore. The letter of undertaking ie LoU is involved in the root of this whole matter. This is a kind of guarantee, on the basis of which other banks provide money to the account holder. Now if the account holder defaults, it is the responsibility of the bank providing the LoU to pay the dues to the bank concerned.
collusion with officials
Gokulnath Shetty, a deputy manager of PNB, allegedly misused the SWIFT messaging system. Banks authenticate the guarantees given through LOUs for foreign transactions through this system. They were given forex credit by foreign branches of some Indian banks on the basis of authentications. Nirav Modi went to a branch of PNB in the year 2011 for a line of credit to import uncut diamonds. After that fake LoUs were issued with the help of some employees and cheated the bank management.
On the basis of these fake LoUs, foreign branches of Indian banks gave loans to PNB. When the fake LoUs started maturing, those employees of PNB used the money of other banks to recycle this loan for 7 years. In January 2018, when Nirav Modi again tried to do the same type of fraud with PNB, the new officials caught the mistake and gradually the whole scam came out.
The excuse of suicide did not work, Nirav Modi’s petition dismissed in UK HC, clearing the way to bring the fugitive to India
Thus the sequence of the case is as follows…
-January 29, 2018: Punjab National Bank (PNB) filed a police complaint alleging fraud of USD 2 billion against Nirav Modi, Mehul Choksi and others. Nirav Modi had fled India on January 1 the same year before the case was registered.
-5 February, 2018 : The Central Bureau of Investigation (CBI) has launched a probe into the alleged scam.
-16 February, 2018 : The Enforcement Directorate (ED) seized diamonds, gold and jewelery worth Rs 56.74 billion from the residence and offices of Nirav Modi.
-17 February, 2018 : The CBI made the first arrest in the case. Two employees of PNB and an executive of Nirav Modi’s group were taken into custody.
-17 February, 2018 : The government has put on hold the passports of Nirav Modi and Mehul Choksi for four weeks in connection with the PNB fraud.
-21 February 2018 : CBI arrested the CFO of Nirav Modi’s company and two other senior officials. His farmhouse in Alibaug was also sealed.
-22 February 2018 : ED seized nine expensive cars belonging to Nirav Modi and his company.
-27 February 2018 : A magisterial court issued a bailable arrest warrant against Nirav Modi.
-2 June 2018 : Interpol issues ‘Red Corner Notice’ against Nirav for money laundering.
-25 June 2018 : ED moves a special court in Mumbai for the extradition of Nirav Modi.
-3 August 2018 : The Indian government sent a request letter to the UK authorities for the extradition of Nirav.
-20 August 2018 : Following information about Nirav being in London, CBI officials requested Interpol Manchester to take him into custody.
-27 December 2018 : India was informed that Nirav Modi is living in the UK.
-9 March 2019 : The correspondent of the British newspaper ‘Telegraph’ saw Nirav Modi on the streets of London and his presence was confirmed in the country.
-9 March 2019 : The ED said that the UK government has sent a letter requesting extradition for Nirav to the UK court for further processing.
-18 March 2019 : The Westminster court in London issued an arrest warrant against Nirav.
-20 March 2019 : Nirav Modi was arrested in London and produced in Westminster court. He did not get bail.
-20 March 2019 : Nirav was sent to Wandsworth Jail till March 29.
-29 March 2019 : Westminster court in London rejects Nirav Modi’s bail plea.
-8 May 2019 : Nirav Modi’s bail application rejected for the third time.
-12 June 2019 : Nirav’s bail application rejected for the fourth time due to the apprehension of absconding.
-22 August 2019 : Nirav Modi’s custody extended till September 19. *November 6, 2019: UK court rejects Nirav’s bail application.
-11 May 2020 : Nirav Modi’s extradition case trial begins in UK for five days in PNB case.
-13 May 2020 : Government of India provided more evidence against Nirav Modi in money laundering case.
-7 September 2020 : Video related to Arthur Road Jail in Mumbai provided to UK court.
1st December 2020 : Nirav Modi’s custody extended.
-8 January 2021 : The UK court has fixed February 25 as the date for pronouncement of the verdict in the extradition case of Nirav Modi.
-25 February 2021 : UK court says Nirav Modi can be extradited to India to face charges of fraud and money laundering.
May 1, 2021: Nirav Modi filed an appeal against the decision in the High Court in London.
-June 28, 2022: A British court begins hearing on the appeal filed by Nirav Modi against extradition.
-12 October, 2022: British High Court reserves verdict on Nirav Modi’s appeal against extradition.
-9 November, 2022: Modi’s appeal against extradition dismissed.
