The Punjab National Bank (PNB) Fraud Case, a fake letter of undertaking worth ₹11,356.84 crores (US$1.4 billion) was given by the Punjab National Bank at its Brady House branch in Mumbai. It consequently made Punjab National Bank responsible for the amount. The scam was purportedly coordinated by diamond merchant Nirav Modi.
Charges on Nirav Modi
Nirav Modi is on Interpol’s most wanted list of criminals. He is held for charges: cheating and dishonesty including conveyance of property, criminal conspiracy, corruption, tax evasion, money laundering, the disappearance of witnesses and evidence since February 2018. In March 2019, Modi was caught in London by UK authorities.
Nirav Modi had fled away from India on January 1, 2018. A non-bailable arrest warrant was given by the court against him followed by a red corner notice in June 2018 by Interpol.
He was captured by the UK Police and his rehashed applications for bail, were dismissed by the Westminster Magistrates’ court and high court, London.
Extradition Of PNB Fraud Case Accused
In February, a London court had requested that Nirav Modi could be extradited as he has a case to reply to the Indian courts. Currently, Nirav Modi has been held up in a UK prison since his arrest in March 2019.
Nirav Modi currently has 14 days to challenge the order in the UK high court. Any allure, whenever without a doubt, will be heard at the managerial division of the high court in London.
India is an assigned Part 2 country under the Extradition Act 2003. This implies it is the UK cabinet minister who has the position to arrange a mentioned individual’s extradition after thinking about various further issues.
The house secretary’s order seldom conflicts with the court’s decisions, as she needs to consider without a doubt, exceptionally narrow bars to extradition which didn’t make a difference for PNB Fraud Case accused, Nirav’s situation.