The UK Central Authority of Home Office has certified India’s extradition request for fugitive diamond merchant Nirav Modi, wanted in the Rs 13,500 crore Punjab National Bank (PNB) fraud case and the same has been sent to the Westminster Magistrate Court for the District Judge for further proceedings, an Enforcement Directorate statement said here on Saturday.
The request to extradite Nirav Modi by the Indian authorities was made in July 2018.
Nirav Modi owned firms namely Diamond R US, Solar Exports and Stellar Diamond, Surathave got fraudulently issued Letters of Undertaking aggregating to US Dollar 1015.35 during the period from February 2011 to May, 2017 from Punjab National Bank (PNB) Mumbai branch.
On the basis of FIR registered by CBI, Enforcement Directorate initiated investigation under the provisions of Prevention of Money Laundering Act (PMLA) on February 14, 2018 against Nirav Modi & others.
Immediate searches were conducted on February 15, 2018 at more than 75 searches related to this case all over India.
Nirav Modi was summoned thrice to appear personally before the investigating authorities. On the request of ED, his passport was revoked by the Ministry of External Affairs.
“Total Attachment of Rs1873.08 crore vide 12 provisional attachment orders and total seizure of Rs 489.75 crore vide 20 seizure orders in Nirav Modi case including various overseas assets and Bank accounts. The attachment includes overseas attachment of Rs 961.49 crore in Hong Kong, Switzerland, USA, Singapore & UAE”, the ED release reads.
A Prosecution Complaint under PMLA was filed on May 24,.2018and cognizance of the same has been taken by the Court and Open Ended Non Bailable Warrant was issued on July 27,2018.
Application under Fugitive Economic Offenders Act, 2018 has been filed on July10,2018 against Nirav Modi for declaring him a fugitive offender and for confiscation of his properties worth Rs 1404.7Crore.
The proceedings are pending before the PMLA Special Court. Supplementary Prosecution Complaint has been filed on February 28,2019. Money trail of US Dollar 927 million out of ‘Proceed of Crime of US Dollar 1015 million has been ascertained.
18 Letter Rogetaries (LR)have been sent to Armania, Belgium, China, France, Japan, Malaysia, Russia, South Africa, UAE, UK, USA, Hong Kong, Singapore, Switzerland. Extradition requests were also sent to UK, USA and Egypt for Nirav Modi, Mihir Bhansali and Subhash Parab respectively.
Red Notices have been issued against Nirav Modi, Nishal Modi, Aditya Nanavati, Ms. Purvi Modi, Mihir Bhansali and Subhash Parab on request of the probe agency.
