Fugitive diamantaire Nirav Modi and the prime accused in the PNB fraud case, has been denied bail by the UK Court.
"Nirav Modi will be subjected to a re-run of the Mallya case proceedings, starting from being directed to Westminister Magistrate, taken into provisional custody, applying for bail and the then the court will hear his plea", the 71-year old Mumbai-born lawyer said. The Court had issued a warrant for Modi's arrest in response to a request from India'sEnforcement Directorate.
The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that was later used to obtain loans from overseas, according to complaints filed by the lender.
Modi has been charge-sheeted by both the agencies and the ED has also attached his assets worth Rs 1873.08 crore under the Prevention of Money Laundering Act (PMLA), and has also seized assets linked to him and his family worth Rs 489.75 crore. He will remain in custody till next hearing on March 29.
Indian authorities have sought Modi's arrest since February 2018, when they alleged companies he controlled defrauded the state-owned Punjab National Bank by using fake financial documents to get loans to buy and import jewels. An arrest warrant was issued against him two days ago on March 18.
Raveesh Kumar, a spokesman for India's foreign ministry, said he welcomed the news of Modi's arrest. The daily said Modi lives on half a floor of the Centre Point Tower Block, in an apartment whose rent is likely to be around £17,000 per month (Rs 15.5 lakh), and which costs around Rs 73 crore.
BREAKING NEWS: Fugitive billionaire Nirav Modi arrested in London; to be produced in court
He fled the country in January of 2018 when PNB first reported the scam.
Police in India later raided the homes and offices of Modi and business partner Mehul Choksi, seizing almost US$800 million in jewels and gold. District Judge Marie Mallon said there was a risk Modi wouldn't appear for future hearings because of his access to large sums of money that could help him evade the courts and his "keenness to do so". According to reports, Nirav Modi appeared in court and refused consent to extradition.
The conditions of Indian jails was also raised during Vijay Mallya's case but despite this, his extradition to India was given a nod by the United Kingdom court.
"Nirav Deepak Modi was arrested on behalf of the Indian authorities this afternoon (Tuesday, 19 March) in Holborn".
Modi's team made their case for bail, offering 500,000 pounds as security and an offer to adhere to stringent conditions.
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