After a very long wait, India has got the green signal to bring Nirav Modi back home, on Wednesday, 9 November 2022, the London High Court rejected the application of fugitive Nirav Modi. And now facing extradition to India. I have to do it.
Nirav Modi was declared a criminal by the PMLA court in December 2019 as per the Fugitive Economic Offenders Act, 2018. Nirav Modi is facing a case of a PNB bank loan scam. The bank scam is estimated to be worth USD 2 billion.
The process of extradition against Nirav Modi is going on in the UK. Nirav Modi has accused of fraud of Rs 13,500 crore, when this scam came into the eyes of PNB (Punjab National Bank) and the Government of India, till then diamond trader Nirav Modi
He had left India but is currently lodged in London’s Wandsworth Jail.
Let us tell you that diamond businessman Nirav Modi had appealed against extradition to India on grounds of mental health.
However, the Royal Court of Justice said that the extradition of Nirav Modi would not be unjust or oppressive.
It was argued in the defense of Nirav Modi that he was in depression and his condition may worsen due to the unsafe environment in the country. He also alleged that the Indian media is very bitter against him.
Who is Nirav Modi ?
Nirav Modi was born on 27 February 1971 in Palanpur, Gujarat. Nirav Modi was brought up and educated in Antwerp, Belgium.
The entire family of Nirav Modi has been doing the diamond business for many generations. Nirav Modi at the age of 19 joined his uncle’s business with his father.
Had gone to Mumbai to work. Nirav Modi’s uncle’s name was Mehul Choksi, he was the head of Gitanjali Group.
Gitanjali Company was a retail jewelry company with 4000 stores. Nirav Modi did his further studies at the Wharton School of the University of Pennsylvania but eventually dropped out.
While studying at the Wharton School, he met his wife, Ami, the daughter of Amukuraj Choksi, a diamond merchant. Nirav Modi returned to India in 1989. After training in all aspects of the diamond business,
Nirav Modi established his Firestar 1999, a diamond sourcing and trading company. Nirav Modi rapidly expanded his retail business in many countries of the world including Delhi, Mumbai, New York, London, Hong Kong, and Macau.2015
In May the former president of America attended his first store on Madison Avenue in New York. Nirav Modi was marked as one of the youngest Indians in the Forbes Billionaires list in 2017.
What’s the case against Nirav Modi?
Some time back, one of the most talked about the news was what is PNB(Punjab National Bank) scam. No one knew, just heard that Nirav Modi has scammed PNB (Punjab National Bank) of about Rs 11,500 crore.
Let us tell you what actually happened was LOU (Letter and Undertaking). Most people would not have heard this name from you, so first of all we have to understand the meaning of LOU (Letter and Undertaking) before understanding the PNB(Punjab National Bank) scam.
LOU means an agreement between a bank and a person who is importing some goods (importers) from the foreign market.
The process of Indian Bank LOU is as follows:-
If a person wants to import some Indian goods from abroad, then for that he will need foreign currency to pay for that item, then that person can deposit money in his favorite Indian bank at his convenience.
I will approach the bank where he has his account and request the bank for payment.
The Indian bank will ask for adequate collateral security and issue a promissory note on behalf of the importer which will be used by the importer to import the goods by handing over the letter to the supplier.
The supplier in turn hands over the goods to the importer and then approaches his bank for payment. And he in turn approaches the Indian bank for payment from the foreign bank. Then the Indian bank pays the amount to the foreign bank
And then recovers the amount paid by contacting his customer (importer). This is how the process of LOU is completed CBI alleged that Nirav Modi had got a fake LOU made by Punjab National Bank. When the CBI investigated
Then the names of 2 PNB (Punjab National Bank) officers Gokulnath Shetty and Manoj Kharat came to the fore and in this CBI investigation the names of their uncle Mehul Choksi, Nirav Modi’s wife Ami Modi, and his brother Nishal Modi also came to the fore.
Included. The first case of this fraud came in 2011 and 2017, a whistle whistle-blower Hari Prasad had written a letter to PMO in July 2016, in which it was clearly mentioned that there was a fake scam in PNB(Punjab National Bank) .
It is going on whose name is Mallya from whom loans have been taken and they will not be able to be repaid, then they will become NPA, if they become bad loans, then the government was requested to do some investigation. However, by CBI And no action was taken by ED and PMO office to stop this scam. And later the response from ROC to Hari Prasad was that your case has been closed. The day this news reached people that Nirav Modi
Has taken a loan from a fake LOC in PNB(Punjab National Bank), then at the same time ED raided Nirav Modi’s house and assets and realized Nirav Modi’s jewelry was worth 5100 crores.
What is extradition?
‘Extradition is the delivery on the part of one State to another of those whom it is desired to deal with for crimes of which they have been accused or convicted and are justiciable in the Courts of the other state’.