The verdict in the extradition case going on in Britain against fugitive diamond trader Nirav Modi in a fraud and money laundering case involving Punjab National Bank will be pronounced after December 1. During a hearing scheduled for Thursday at Westminster Magistrate’s Court in London, District Judge Samuel Googie agreed to a second-stage hearing in the case from September 7 to 11.
The debate on setting up a prima facie case against 49-year-old Nirav Modi will be completed in the hearing to be held next month and the extradition request will also be considered during this period. Indian authorities have requested extradition and were certified by British Home Minister Preeti Patel earlier this year. He is also accused of missing evidence and threatening witnesses in the case.
The court has also scheduled an additional hearing on November 3. After this, on December 1, both sides will give their final arguments. Therefore, any decision in this matter is now expected only after the final hearing in December. During the hearing on Thursday, Nirav Modi’s lawyers raised concerns about allegations of “political bias” against one of his witnesses from India.
Earlier on August 25, the Ministry of Corporate Affairs had told that Punjab National Bank in the first installment under the insolvency process against three companies of Nirav Modi in America. 24 crore has been recovered. The ministry said that in 2018, PNB had informed the ministry about Nirav Modi’s companies in the US. These companies filed petitions under insolvency protection in the Southern District of New York. The Punjab National Bank then requested the ministry to help in the bankruptcy process in New York.
Giving this information in the ministry’s release, it has been said that PNB has informed him that the bank has received the first installment of $ 32.5 lakh (Rs 24.33 crore) as a recovery of its dues. It said that with the liquidation of the borrower’s assets, an amount of $ 1.10 million (about Rs 82.66 crore) is available with the Chapter 11 trustees of the US, which will be disbursed to lenders with no security provisions including PNB. Further recovery will depend on settlement of other expenses and claims of other claimants. The Ministry of Corporate Affairs says that this first receipt of $ 32.5 lakh in the fight against company fraud abroad is an unprecedented success for the Government of India and the Ministry of Corporate Affairs. The ministry has also initiated the process to borrow money from companies promoted by Nirav Modi and Mehul Choksi.
