PNB scam: Bank moves court seeking 'restoration' of Nirav Modi's property to recover dues
Business | July 12, 2023 23:23 ISTPNB scam: Punjab National Bank seeks 'restoration' of Nirav Modi's property worth over Rs 71 crore to recover its dues.
PNB scam: Punjab National Bank seeks 'restoration' of Nirav Modi's property worth over Rs 71 crore to recover its dues.
Indian diamond merchant Nirav Modi, who lost his legal battle against extradition to India in the $2 billion Punjab National Bank (PNB) loan scam, has claimed that he has no money and needs to borrow funds to pay the fine ordered by the UK court.
In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that "the Appellant's (Nirav Modi) application for permission to appeal to the Supreme Court is refused".
Modi's appeal on the grounds of a point of law of general public importance is a high threshold that is not met very often.
The roadblock to extraditing fugitive diamond merchant Nirav Modi was removed after he lost an appeal in UK High Court. He will now face fraud and money laundering charges.
PNB Scam: The court was hearing a CBI plea challenging an August 23 order of the Bombay High Court that allowed Mehta to travel to Hong Kong and stay there for three months.
The court was taken through the detailed assurances offered by the Indian authorities, the cumulative effect of which would imply that the psychiatric diagnosis would be “more than adequately managed” in India.
Nirav Modi: Some assets of Nirav Modi in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), it said.
Boris Johnson also said that the British government does not welcome people who want to use the British legal system to evade the law here in India.
Subhash Shankar Parab, an aide of fugitive diamantaire Nirav Modi, was a deputy general manager (finance) at Firestar Diamond, a firm owned by Nirav Modi. After his arrival in India in the morning, Parab was produced before special CBI judge V C Barde. Special prosecutor A Limousin, representing the central probe agency, sought his custody for 14 days.
Subhash Shankar was hiding in Cairo. He was the Deputy General Manager (Finance) in diamantaire Nirav Modi's company.
Solicitor General Tushar Mehta representing the Centre, submitted before a bench headed by Justice A.M. Khanwilkar that the total proceeds of crimes in the Prevention of Money Laundering Act (PMLA) cases pending before the top court amounts to Rs 67,000 crore.
Nirav Modi, who remains behind bars at Wandsworth Prison in south-west London since his arrest in March 2019, was granted permission to appeal against the Westminster Magistrates’ Court extradition order on mental health and human rights grounds.
A bankruptcy court in New York has dismissed a petition of fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.
Param Bir Singh's mysterious disappearance bears uncanny similarities to Vijay Mallya, Nirav Modi, Mehul Choksi - who all managed to flee India dodging top agencies like the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and the Police.
The book, 'Flawed: The Rise and Fall of India's Diamond Mogul Nirav Modi' depicts the story of high-profile tycoon Nirav Modi, one of the biggest diamond merchants in India.
This is the third such order in a span of about two weeks, with the total value of properties owned by Nirav Modi's companies being restored in this manner now standing at approximately Rs 1,000 crore.
The CPS, which represents the Indian authorities in court, highlighted that the appeal can be heard at a full hearing on two grounds related to the mental health of the 50-year-old diamantaire, who is lodged at Wandsworth Prison in south-west London as he fights his extradition to face charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case.
A UK High Court judge here on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds.
Roosevelt Skerrit has termed "total nonsense" the claims that his government was involved in alleged abduction of diamantaire Mehul Choksi.
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