Pnb Scam  

The 48-year-old diamond merchant, Nirav Modi was on Thursday (December 5) declared a fugitive economic offender under Fugitive Economic Offenders Act by a special Prevention of Money Laundering Act ( PMLA) court

Fugitive diamantaire who is wanted in the Punjab National Bank fraud and money laundering case will appear before a UK court through video conferencing. Nirav Modi is expected to be given a confirmed date for his trial, expected in May next year.

Nirav Modi who has been accused of being involved in the Punjab National Bank scam amounting to nearly $ 2 billion, will be appearing for a hearing before the UK Court via video conferencing

According to reports, Nirav Modi, who is accused in the Punjab National Bank fraud and money laundering case, had his bail plea rejected thrice before, the fourth time being by the UK high court in June.

The CBI is conducting raids in 14 separate cases involving Rs 640 crore banking fraud in 50 locations in 12 states across the country. Meanwhile, Singapore Court has ordered freezing of bank deposits of PNB defaulter Nirav Modi's sister and brother-in-law.
 

The lawyers of Nirav Modi offered a huge sum as security for his bail. However, the magistrate said that the amount he is accused of swindling is much larger than the surety. Besides, she said, Modi could once again run away.

 

 

CBI will send a team to London for Nirav Modi's case hearing, on 29 March.

In Nirav Modi's case, the evidence of cheating and money laundering are stronger and that uplifts the dual criminality clause required in such cases in the UK. Enforcement Directorate officials and the CBI expect a faster affair in this case when compared to the exercise of bringing back Vijay Mallya.

Nirav Modi was arrested from a Metro Bank branch in London by uniformed officers on Tuesday, when he went there to open a new bank account

On March 19, a London court issued an arrest warrant against Nirav, the main accused in the Rs 11,400 crore PNB scam case, in response to a request by the Enforcement Directorate for his extradition. 
 

A London court has issued an arrest warrant against fugitive diamantaire Nirav Modi, the main accused in the $2 billion PNB scam case, in response to a request by the Enforcement Directorate for his extradition in a money laundering case.

In 2013, a government nominee director on the Allahabad Bank board wrote a letter to the RBI and the secretary of the financial services department about the PNB scam but the UPA government took no action against Nirav Modi and Mehul Choksi

Last year, the state government had written to the ED, which had sealed Nirav Modi's bungalow, Roopanya, seeking a nod to demolish the property on Kihim beach near Alibaug