A UK court on Thursday ruled that fugitive diamantaire Nirav Modi can be extradited to India to face charges of fraud and money laundering amounting to an estimated USD 2 billion in Punjab National Bank scam case.
The 49-year-old appeared in virtual proceedings on Thursday from Wandsworth Prison in south-west London as District Judge handed down his judgment at Westminster Magistrates’ Court in London.
Following is the timeline of the money laundering case since its inception in 2018:
• In January 2018, Punjab National Bank (PNB) files a police complaint against Nirav Modi, Mehul Choksi and others for a fraud worth Rs 2.81 billion.
• The Central Bureau of Investigation (CBI) launches an investigation into the alleged scam in February. In the same month the Enforcement Directorate (ED) seizes a cumulative Rs 56.74 billion worth of diamonds, gold and jewellery from Nirav Modi’s home and offices.
• The CBI makes first arrest in the case in February 2018. Two PNB employees and an executive of Nirav Modi’s group were detained. Later, the government suspended the passports of Nirav Modi and Mehul Choksi for four weeks in connection with the PNB fraud.
• CBI arrests CFO of Nirav Modi’s firm and two other senior executives of his firms. It also seals his farmhouse in Alibaug in February 2018. ED seizes nine luxury cars belonging to Modi and his firms.
• Later the same month, a magistrate’s court issues a bailable arrest warrant against the diamond trader. The Interpol later issues Red Corner Notice against him for money laundering in June.
• The ED moves a special court in Mumbai seeking his extradition in June. The Indian Government then sends a request for the extradition to the UK authorities in August. The CBI officials request Interpol Manchester to detain him after the latter informs about his presence in London to Indian authorities.
• In December 2018, UK informs India that Nirav Modi is living in the country. ‘The Telegraph’ confronts him on London’s streets and confirms his presence in the country.
• The ED says the government of the UK has sent an extradition request of fugitive diamantaire Nirav Modi to a UK court for further proceeding in March, 2019. Westminster Court in London issues arrest warrant against him after the Indian government request was forwarded to the court by the UK Home Office.
• Nirav Modi arrested in London in March 20, 2019 and produced in Westminster Court, which denies him bail. He is sent to Her Majesty’s Prison (HMP) Wandsworth till March 29. A Westminster Magistrates Court in London rejects his second bail application, saying there are “substantial grounds” to believe that he will fail to surrender. The judge fixes April 26 as the next date of hearing when he will appear via video link from jail.
• He is denied bail for a third time, to remain in UK jail in May 2019. UK court rejects his bail for fourth time in June over fears he would abscond. His remand extended till September 19. In November, UK court rejects his new bail application.
• In May 2020, Nirav Modi’s five-day extradition trial in PNB fraud case begins in UK. Indian govt submits more proof against Nirav Modi in money laundering case and UK court is given fresh video tour of Mumbai’s Arthur Road Jail.
• Nirav Modi’s remand extended in December, final hearings is scheduled for January, 2021. UK court decides to pronounce judgement in Nirav Modi’s extradition case on February 25.
• UK court on Thursday rules Nirav Modi can be extradited to India to face charges of fraud and money laundering.
• While Modi is languishing in London jail since 2019, Choksi is said to be living in Antigua and Barbuda, are islands in the West Indies.
Source: News18