Diamantaire Nirav Modi, who was recently spotted on the streets of London is all set to be arrested by the London authorities. The Westminster court has issued a warrant against the diamond trader reportedly on 13 March, who is accused of defrauding Punjab National Bank to the tune of over £1.3 billion. Modi was spotted roaming on Monday 18 March evening, around new Oxford Street. When confronted by journalists, after a persuasive chase, he responded with a brief 'no comment' and hopped on to a taxi and drove away.
Sources say, now the clock is ticking for Modi and at any moment he will be arrested by the Met police any time now, and will be produced before the Westminster court for an initial hearing. However, Modi will be eligible to appeal for bail and most likely, he will be granted conditional bail.
A team from India's Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) is meant to arrive inLondon soon. Sources said that the top officials of investigative agencies are in touch with UK authorities and Indian High Commission in London is closely monitoring the developments. The intelligence agencies along with ED and CBI are also ascertaining the present location of Modi in London against whom extradition process was initiated in August 2018.
The UK Home Office on March 7 sent the extradition request of Indian agencies against Modi to the Westminster court after it found that the case is fit for extradition. ED sources that on March 9, the agency received an email from the UK Home Office which read, the extradition request has been certified by Home Secretary and the same has been sent to the Westminster magistrate court. Sources said that the UK Home Secretary, in his remark over extradition of Modi, has said that this is a fit case for issuing an arrest warrant.
Sources within the government claims that ED had stepped up the pressure on UK authorities, who were sitting on the extradition request since August. The UK authorities, early this year, had sought assistance from the Enforcement Directorate pertaining to their case, but the agency, according to sources, refused to provide any assistance and warned UK authorities that they will not assist in any case till the time they do not take action against Modi.
According to the agency, during the investigation, it was revealed that substantial proceeds obtained fraudulently by Modi owned group of firms - Solar Exports, Stellar Diamonds, Diamond RUS from Punjab National Bank - were diverted to Modi, his relatives and entities controlled by him. The ED had registered a money laundering case against Modi and others on February 15, 2018 under the provisions of PMLA on the basis of an FIR registered by CBI. Allegedly, Modi, Mehul Choksi and others committed the offence of cheating Punjab National Bank in connivance with certain bank officials by fraudulently getting the LOUs issued without following prescribed procedure and caused a wrongful loss to the bank.
Several properties of Modi in India and abroad worth £172.53 million were also attached earlier. In addition to the aforementioned attachments, gold, diamond, bullion, jewellery and other valuables worth £48.97 million belonging to Modi Group were also seized. A prosecution complaint has been filed in this case against Modi and others for the offence of money laundering.
