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Nirav was arrested from South-West London on March 19, 2019. Since then he is in jail there.
The bail plea of fugitive Nirav Modi, the main accused in the PNB scam case, has been rejected. It was dismissed by the Kings Bench Division High Court of London after hearing. On behalf of India, the CBI lawyer opposed Nirav’s arguments.
Nirav Modi is accused of cheating about 14 thousand crore rupees by taking a loan from Punjab National Bank (PNB). He escaped leaving the country in January 2018 after the scam surfaced. Nirav was arrested from South-West London on March 19, 2019. Since then he is in jail there.
There are three fraud cases against Nirav in India. CBI case of fraud with Punjab National Bank (PNB). Second, the PNB case is a case of money laundering and the third CBI action is a case of evidence and tampering of witnesses.
In February 2021, Nirav’s extradition was heard in the Westminster Court of Britain. The court also approved Nirav to send him to India. After this, on 15 April 2021, Britain’s Home Secretary Preeti Patel also ordered the extradition of Nirav.
After this, the London High Court ruled the extradition of Nirav. However, due to other legal process, Nirav has not yet been extradited.
When and how did the PNB scam?
The scam started in 2011 from PNB’s Brady House Branch in Mumbai. The scam was carried out through fake letter of undertakings (LOU). Between 2011 and 2018, thousands of crores were transferred to foreign accounts.
Fraud was revealed in the first week of February 2018. Punjab National Bank informed SEBI and Bombay Stock Exchange about Rs 11,356 crore scam. PNB later told the CBI about the new fraud of 1,300 crore.
The extradition treaty was done in 1992
The extradition treaty was signed between India and Britain on 22 September 1992, but it took 24 years to bring the first accused to India. Sameerbhai Veenubhai Patel, accused of murder, was extradited to India on 19 October 2016.
Sanjeev Kumar Chawla was then brought to India in February 2020. Sanjeev was arrested in the match fixing case. That is, more than 28 years have passed with the extradition treaty with Britain, but so far only two accused have been successful.
Three accused were sent to Britain from India So far, three accused have been sent to Britain from India. Somaiya Ketan Surendra was first extradited on 8 July 2009, who was a Kenai citizen. He was sent in the case of fraud.
Kulwinder Singh, who was thereafter in the kidnapping case, was assigned to Britain on 14 November 2013. Maninder Pal Singh, accused of killing Hana Foster of Britain, was last sent to Britain on 29 July 2017.
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