Nirav Modi arrested in UK

| | London
  • 0

Nirav Modi arrested in UK

Thursday, 21 March 2019 | PTI | London

Nirav Modi arrested in UK

Remanded in custody till March 29; India seeks early extradition

Nirav Modi, the main accused in the $2 billion PNB scam case, has been arrested in London where a court on Wednesday remanded the fugitive diamantaire in custody till March 29, saying there are “substantial grounds” to believe that he would fail to surrender if granted bail.

“Nirav Deepak Modi, 48, was arrested on behalf of the Indian Authorities on Tuesday in Holborn,” the Metropolitan Police said in a statement.

Meanwhile, India on Thursday welcomed the arrest of Nirav, and said it was engaged with the UK for his extradition at the earliest. “Government of India continues to actively follow up this matter with the authorities concerned in the UK, with a view to have Nirav Modi extradited to India at the earliest," said Ministry of External Affairs (MEA) Spokesperson Raveesh Kumar.

Nirav’s arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case.

Nirav was produced before the Westminster Magistrates’ Court on Wednesday, where he contested his extradition to India.

District Judge Marie Mallon, presiding over the hearing, said that she was not inclined to accept Nirav’s bail plea due the “high value amount” attached to the allegations against him and that he would have “every incentive” to evade surrendering before the court. There are substantial grounds to believe that you would fail to surrender before the court if bail were to be granted,” the judge noted.

Nirav, dressed in a plain white shirt and trousers, appeared in the dock where he spoke only to confirm his name and also to formally decline consent to be extradited to India.

The Crown Prosecution Service (CPS), representing the Indian authorities in court, told the court that Nirav was wanted in India for fraud and money laundering amounting to the tune of $2 billion.

Under UK domestic law, the CPS said he is liable on charges of conspiracy to fraud, which has a maximum jail term of seven years, and conspiracy to conceal, which could result in anywhere between seven, 10 years and life in jail.

“We do object to bail because there are substantial grounds to believe the requested person (Nirav) would fail to surrender,” said Barrister Jonathan Swain, appearing for the CPS and on behalf of the Indian Government.

Nirav’s legal team was headed by Barrister George Hepburne-Scott, and his solicitor, Anand Doobay, is the same legal expert hired by former Kingfisher Airlines boss Vijay Mallya in his extradition proceedings against India in the UK courts.

Nirav’s team made their case for bail, offering 5,00,000 pounds as security and an offer to adhere to “stringent” conditions.

“He strongly contests all the allegations and is prepared with comprehensive arguments to support his case...His legal team has had months contact with the extradition squad and expressed his willingness to cooperate,” Hepburne-Scott said.

It emerged in court that Niravwas arrested from a Metro Bank branch in London by uniformed officers on Tuesday, when he went there to open a new bank account.

A bank clerk alerted Scotland Yard as a result of the “high publicity” surrounding the case and Metropolitan Police officers arrived to execute the arrest. This overrode a previous arrangement made between Scotland Yard’s extradition unit and Nirav’s lawyers for him to surrender “by appointment” at a London police station on Monday, something his legal team blamed on the “nature of publicity” surrounding the case.

The location of the arrest indicates that Nirav, wanted in India in connection with the Rs 13,500 crore Punjab National Bank scam case, was arrested from where he is believed to have been living in a plush apartment in Centre Point in the West End.

It also emerged in court that Niravwas in possession of at least three passports, all since revoked by India.

The court was told that Nirav arrived in London in January last year before any of the allegations emerged and has maintained a very “visible” presence in the country and offered to cooperate with the UK authorities since his arrival.

Nirav is currently employed by Diamond Holdings Ltd in London for a monthly salary of 20,000 pounds and pays his council tax regularly, his lawyers stressed in support of his defence.

In New Delhi, ED sources said they expect a “faster” process of extradition in Nirav’s case, as compared to Mallya, as this is a instance of “clear defraud” of bank loan money. Unlike Mallya, who was granted immediate bail on his arrest on an extradition warrant in April 2017 on fraud and money laundering charges, Nirav’s case will now take a slightly different course as he remains in custody while court proceedings take place.

UK Home Secretary Sajid Javid had certified India’s extradition request for Nirav earlier this month, triggering the legal process in the courts, which led to the issuance of a warrant last week.

News of the certification of India’s request came just as Niravwas tracked down to a three-bedroom flat in the Centre Point tower block of luxury apartments in the West End of London.

Nirav is one of India’s richest men, worth an estimated $1.75 billion, according to Forbes. He launched his own eponymous brand in 2010 and he soon had stores across India, as well as in New York, London and Hong Kong. His diamond-encrusted designs were worn by Hollywood stars like Kate Winslet, Rosie Huntington-Whiteley and Naomi Watts, while Priyanka Chopra-Jonas appeared in advertisements for the brand.

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda