The Punjab National Bank (PNB) fraud case, a forged letter of undertaking valued at £ 11,356.84 billion (US $ 1.4 billion), was issued by the Punjab National Bank at its Brady House branch in Mumbai . As a result, the Punjab National Bank was held responsible for the amount. The fraud was reportedly coordinated by diamond dealer Nirav Modi.
Nirav Modi is on Interpol’s most wanted list of criminals. He is charged with fraud and dishonesty including property transfer, criminal conspiracy, corruption, tax evasion, money laundering, disappearance of witnesses and evidence since February 2018. Modi was caught by British authorities in London in March 2019.
Nirav Modi was Fled India on January 1, 2018. The court issued an arrest warrant against him, followed by a red corner in June 2018 by Interpol.
He was captured by British police and his reprocessed bail requests were dismissed by Westminster Magistrates’ Court and High Court, London.
In February a London court had requested the extradition of Nirav Modi, as he has a case to answer in the Indian courts. Currently, Nirav Modi has been in a UK prison since his arrest in March 2019.
Nirav Modi currently has 14 days to challenge the order in the UK High Court. Whenever there is no doubt, every stimulus is negotiated in the management of the High Court in London.
India is a Part 2 country under the Extradition Act 2003. This implies that it is the UK Cabinet Secretary who is in a position to arrange the extradition of a named person after considering various other issues.
The house secretary’s order rarely contradicts the court’s rulings as she is no doubt required to accommodate exceptionally tight extradition restrictions that made no difference to the accused PNB fraud case, Nirav’s situation.
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