Nirav Modi's Extradition Soon? Fugitive Diamantaire's Trial Concludes, Verdict Expected On Feb 25
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The listening to of the Nirav Modi extradition case concluded on Friday, and it may be hoped that the Indian Authorities are one step nearer to bringing the fugitive again. In accordance with Choose Samuel Goozee, the ruling on the Diamantaire’s extradition case will come on February 25. Modi who’s accused of defrauding the Punjab Nationwide financial institution in India was arrested from the Central Financial institution of London, his extradition case started in March 2019.

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Since his arrest, the fugitive diamond service provider has made six makes an attempt to get bail, of which all obtained denied. Modi even approached the Excessive Courtroom however was denied bail once more.

The UK court docket listening to the ultimate submissions have been informed that Nirav Modi is answerable for overseeing a “Ponzi-like scheme” that brought on monumental fraud to India’s Punjab Nationwide Financial institution.

Choose Goozee was taken by means of proof already introduced earlier than Westminster Magistrates’ Courtroom in London by the Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities which targeted on laying out the prima facie case of fraud, cash laundering, and perverting the course of justice towards the 49-year-old fugitive jeweler.

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“The easy and stark truth is that he (Nirav Modi) used his three partnership corporations to accumulate billions of {dollars}’ price of credit score which was fully unsecured and LoUs (letters of endeavor) have been issued for wholly bogus commerce,” mentioned CPS barrister Helen Malcolm informed the court docket by means of video conferencing.

“Whereas the defence claims this can be a mere industrial dispute, there’s a plethora of proof to level to a ponzi-like scheme the place new LoUs have been used to repay previous ones,” Malcolm mentioned.

In accordance with the allegations, Modi used his agency Diamonds R Us, Photo voltaic Exports, and Stellar Diamonds to make fraudulent use of PNB’s LoUs in a conspiracy with banking officers.

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