Nirav Modi files appeal in UK high court against his extradition to India

New Delhi, May 01: Fugitive businessman Nirav Modi filed an appeal in a high court in the United Kingdom against his extradition to India.

Reportedly, Nirav's appeal is both against the Westminster magistrate court's order on February 25 directing his extradition to India and April 15 approval by UK home secretary Priti Patel.

On April 17, UK Home Secretary Priti Patel had signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case.

He had allegedly perpetrated the fraud in the Punjab National Bank in collusion with his uncle Mehul Choksi.

The CBI had registered the case on January 31, 2018 against Modi, Choksi and others including then officials of Punjab National Bank on a complaint from the Bank on the allegations that the accused had hatched a criminal conspiracy amongst themselves to defraud the public sector Bank by fraudulently issuing Letters of Undertaking.

Letters of Undertaking are a guarantee that a bank gives to banks abroad where its client approaches for credit.

The figure swelled to Rs 13,000 crore when similar frauds by companies of his uncle Mehul Choksi, an alleged co-conspirator, came to light, officials said.

Investigation showed that the accused officials of the Punjab National Bank, in conspiracy with said owners of the firms and others, had fraudulently issued a large number of LoUs to overseas banks for obtaining Buyer's credit in favour of said three firms without any sanctioned limit or cash margin and without making entries in the core system of the bank.

The first charge sheet was filed on May 14, 2018 against 25 accused including Modi. The second charge sheet was filed on December 20, 2019 against 30 accused people including the 25 chargesheeted earlier in respect of 150 outstanding fraudulent LoUs which had resulted in wrongful loss of nearly Rs 6,805 crore to PNB.

It was also alleged that Modi in conspiracy with other accused had siphoned off the funds obtained as buyer's credit through dummy companies established by him in Dubai and Hong Kong which were shown as exporter of Pearls to three Nirav Modi firms and importer of Pearl studded jewellery from his firms.

Modi had escaped from India on January 1, 2018 before registration of case in CBI. A non bailable arrest warrant was issued by the trial court against him followed by a red corner notice in June 2018 by Interpol.

He was arrested by the UK Police in London in March 2019 and his repeated applications for bail, were rejected by the Westminster Magistrates' Court and High Court, London.