In a quick turn of events early this week, Fugitive Diamantarire Nirav Modi, an accused in PNB Scam got arrested on Wednesday in Holborn, London after the Enforcement Directorate initiated extradition process against him in connection to 13,500 crore Punjab National Bank Scam. Earlier this month, The Indian Government sent Nirav Modi’s extradition plea to UK government.
Nirav Modi later was produced in London Court which rejected his bail plea and sent him to Judicial Custody till March 11. According to news wire PTI, the London Court Judge Marie Mallon while rejected his bail plea citing the high-value amount allegations against him. He was later sent to HM Prison Wandsworth.
His arrest came days after ‘The Daily Telegraph’ released a video showing Nirav Modi on the streets of London, where he has had a diamond store since 2014. Modi has reportedly started a new diamond business and has been living in a high-end Central London apartment.
While in another Development, the Central Probing Agency ED on Wednesday got permission from PMLA court in Mumbai to sell 173 paintings 11 cars to also be auctioned. The PMLA Court also issued Non-Bailable Warrant against Ami Modi, wife of Nirav Modi.
Sources revealed that the Central Probing Agency ED will also send a team to the UK soon to help the Crown Prosecution Service, which will argue the case on behalf of India. Sources further revealed that Crown Prosecution Service in the Court argued that He (Nirav Modi) in wanted in India in connection to a Money Laundering Case. She is also an accused in PNB Scam.
It was alleged that Nirav Modi and others have committed an offence of Cheating Punjab National Bank in connivance with some bank officials by fraudulently getting Letter of Undertakings issued without following the prescribed procedure and caused a wrongful loss to the bank.
However, Sources further claimed just like Vijay Mallya, Nirav Modi will also get bail in due course of time and court will issue Crown Prosecution Service that will contact Indian Authorities for evidence.