The London High Court has given a verdict allowing diamond merchant Nirav Modi’s extradition to India who fled the country after alleged financial fraud to the tune of Rs 11000 crore against a government bank.
Nirav Modi lost the appeal in London High Court today as Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, delivered the verdict that allowed the fugitive businessman’s extradition to India.
They had presided over the appeal hearing earlier this year. With this development, he is closer to being extradited to India.
Modi had appealed against being sent back to India for facing trial in the alleged fraud case with Punjab National Bank. There are sets of criminal proceedings against him in India respectively with the probe agencies CBI and ED and is on their wanted list.
His undertakings allegedly leveraged the shortfalls in the banking system by seeking letters of undertaking, or LoU, and then raising credit from foreign banks to pay its merchants.
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