Hot Off The PressNews

As per the media reports, The Special PMLA Court declared Nirav Modi a fugitive economic offender on a plea of the Enforcement Directorate.

Nirav Modi and his uncle Mehul Choksi are the main accused in the PNB Scam.

Background of the scam:

As reported by Hindustan Times, Two PNB employees sent unauthorised letters of undertakings (LoUs), essentially bank guarantees, to foreign branches of Indian lenders, on behalf of firms related to Nirav Modi and the Gitanjali Group. The LoUs basically told these other lenders: Lend money to Nirav Modi firms so that they can pay for their imports. If they don’t pay up, we will make good this payment.

In the PNB fraud case, the bank employees had sent these guarantees in the absence of credit limits and collateral security (in Modi’s case). Secondly, they didn’t make an entry in the bank’s core banking system – the software used to support a bank’s most common transactions, which also acts as a record keeper.

[Source: Media Reports]

Hot Off The PressNews

As reported by media, Diamond Merchant Nirav Modi, a fugitive offender, attempted for bail at a UK High Court but was denied the same fourth time.

It was his fourth attempt to secure bail in the ongoing extradition case which failed after the judge said there is compelling evidence that he has tried to interfere with witness statements.

Judge Simler intervened to indicate that she has noted that Nirav Modi does possess the “means” to flee the UK and that factor must be a feature in a case involving “such sizeable funds”.

Please refer the links to know more about the story:

[Source: Hindustan Times]

[Picture Credits: Mid-Day]

Hot Off The PressNews

As reported by media, Nirav Modi, the fugitive diamantaire has been denied bail the second time by Westminster Magistrate’s Court, UK.

Nirav Modi is the prime accused in the PNB Fraud Case.

Chief Magistrate Emma Arbuthnot, stated that  “This is a case of substantial fraud, with a loss to a bank in India of between USD 1-2 billion. I am not persuaded that the conditional bail sought will meet the concerns of the government of India in this case.”

A three-member joint CBI and Enforcement Directorate team from India was present in court and handed over a new file of evidence which was review by the judge before the hearing.

Modi is believed to have been living in the UK on an Investor Visa, applied for in 2015.

He was denied bail at his first hearing soon after his arrest by Scotland Yard officers from a central London bank branch. He is lodged at HMP Wandsworth prison since then.

[Source: Rajya Sabha Tv]

Arrest Warrant against Nirav Modi