Nirav Modi

ED attaches fresh assets of Nirav Modi worth Rs 29.75 cr under PMLA

The Enforcement Directorate on Wednesday said it has attached fresh assets worth Rs 29.75 crore of fugitive diamond trader Nirav Modi under the anti-money laundering law. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach these assets that are in the form of bank deposits, land, and buildings, it said in a statement. The agency, which has been probing Modi in the alleged USD 2 billion fraud against the Punjab National Bank for over five years now, has attached assets worth Rs 2,596 crore in India and abroad in the past. Modi, 53, is presently lodged in a UK jail and has lost his extradition plea to India in connection with this alleged bank loan fraud case, which is also being investigated by the Central Bureau of Investigation. Modi and his uncle Mehul Choksi, both prime accused in the case, along with others are being probed by the ED on money laundering charges for allegedly perpetrating fraud in connivance with bank officials and b

Nirav Modi, Mallya fled India due to agencies' delay in arrest, says court

Businessmen involved in multi-million dollar scams, such as Nirav Modi, Mehul Choksi and Vijay Mallya, were able to flee the country because probe agencies failed to arrest them at the proper time, a special court here said recently. Special judge M G Deshpande made the remark while hearing a plea of an accused booked under the Prevention of Money Laundering Act (PMLA) seeking modification in his bail condition. The court on May 29 accepted the plea of Vyomesh Shah, an accused in a money laundering case, to drop the bail condition of getting the court's prior permission to travel abroad. The detailed order was made available recently. The Enforcement Directorate (ED) had argued that allowing Shah's application would give rise to situations like Nirav Modi, Vijay Mallya and Mehul Choksi. Rejecting the probe agency's contention, the judge said, "I thoughtfully examined this argument and felt it necessary to note that all these persons fled because of the failure of the investigating

UK court rejects Nirav Modi's bail plea due to 'substantial' flight risk

The court heard that while Modi had lost his legal fight against being extradited, there were "confidential" proceedings ongoing which had been instigated by him

FIR filed over posters carrying picture of PM Modi with fugitives in Delhi

The Delhi Police has registered an FIR in connection with posters carrying a picture of Prime Minister Narendra Modi with fugitive businessmen Nirav Modi and Vijay Mallya that came up in several parts of central Delhi, an officer said on Wednesday. The posters carried the caption "Modi ka asli pariwar" (real family of Modi) with 'Bhartiya Yuva Congress' written at the bottom. A senior police officer said a case under Delhi Prevention of Defacement of Property Act has been registered against unknown persons at Tughlak Road Police Station and the posters have been removed. The case was registered at the complaint of an official from the New Delhi Municipal Council on Tuesday, he said. Police said the posters did not carry the name of the publisher or the person who put them up. PM Modi on Monday said 140 crore Indians are his "family," as he mounted a counter-offensive over RJD's Lalu Prasad's "no family" jibe at him. The BJP rallied behind its leader by launching a "Modi Ka Pariva

India's top team to hasten extradition of Mallya, Nirav Modi in UK: Report

The Indian team will be headed by a senior officer from the MEA. Some meetings have also been scheduled with UK officials to seek pending information on the seized assets of the wanted fugitives

Mallikarjun Kharge defends Adhir Chowdhury's 'Nirav Modi' remark in RS

Leader of Opposition in Rajya Sabha Mallikarjun Kharge on Friday said his party colleague Adhir Ranjan Chowdhury's suspension from Lok Sabha for using "Nirav Modi" for the prime minister was not right as "nirav" means "silent". Chowdhury, the leader of the Congress in Lok Sabha, was suspended on Thursday for allegedly attacking Prime Minister Narendra Modi and disturbing the ministers. The matter will be referred to the privileges committee. "Adhir Ranjan Chowdhury was suspended on a flimsy ground. He had just said 'Nirav Modi'. 'Nirav' means "shaant and silent". For uttering 'Nirav Modi', you are suspending (a member)," Kharge said in the Upper House of Parliament. During a debate, certain remarks are made. "If (a remark) is unparliamentary and hurts someone, at that moment, you can say it is unparliamentary and not correct to use," he said. Kharge kept on speaking even as Chairman Jagdeep Dhankhar said it happened in the other House. "I am pleading with you as Vice President of

BJP MLC claims Nirav Modi bought land in Karjat; minister says will probe

Maharashtra BJP MLC Ram Shinde on Thursday claimed that investors were buying land at throwaway prices from farmers in Karjat taluka of Ahmednagar district, where an MIDC is proposed to be set up, and named one "Nirav Deepak Modi" as one of the buyers. Raising the issue in the state legislative council during the ongoing Monsoon session, Shinde said that despite the demand no MIDC has come up in Karjat so far. Nirav Modi, a key accused in the Rs 13,000-crore scam at state-run Punjab National Bank (PNB), was declared a fugitive economic offender in December 2019. MIDCs are industrial hubs under the Maharashtra Industrial Development Corporation. Replying to the matter, state Industries Minister Uday Samant said it will be probed whether the "Karjat taluka has poor farmers and investors have bought land at a throwaway price". "Industrial area Khandala and Pategoan, where the proposed MIDC is to come up...Nirav Deepak Modi batch no 35Nirav Modi batch nos 39A-1 39-2, 58 and ...

PNB scam: Bank seeks restoration of Nirav Modi's property worth Rs 71 cr

The Punjab National Bank (PNB) on Wednesday moved an application before a special court here seeking restoration of the Rs 71 crore worth property owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank. The bank urged the court to release the properties seized by the probe agencies to recover a part of its dues. Nirav Modi, who was declared a 'fugitive economic offender' in December 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act. The plea said that the PNB consortium and UBI consortium have always conducted their business in good faith in the normal course of banking activities and were unaware of the fraud when they disbursed loans to the Nirav Modi companies. At present, only Rs 1,066.41 crore

Bombay HC pulls PNB for inaction on diamantaire Nirav Modi's loan frauds

The Bombay High Court has pulled up the Punjab National Bank (PNB) for not taking steps to recover the huge amounts of money availed as loans by the fugitive diamantaire Nirav Modi.

PNB scam: PMLA court grants bail to Nirav Modi's close aide 'Subash Parab'

A special PMLA court here on Tuesday granted bail to Subash Parab, a close aide of fugitive diamond merchant Nirav Modi, in the multi-crore Punjab National Bank (PNB) scam case. Parab was a deputy general manager (finance) at Firestar Diamond, a firm owned by Modi, and was deported to India from Cairo in Egypt in April 2022. Special PMLA judge S M Menjonge allowed the Parab's bail plea, citing that it appeared from the bail application that the accused was not beneficiary of the proceeds of crime. Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai. Parab is understood to be a key witness to the letters of undertaking submitted to the bank to siphon off more than Rs 7,000 crore. India had issued an Interpol Red Notice against Parab to track him down and bring him back. In February, he was granted bail

Why disqualifying Congress leader Rahul Gandhi doesn't help PM Modi

In other words, no council of BJP elders appears to have met in New Delhi last week and decided Gandhi had become so great of a threat that he needed to be driven out of Parliament

Nirav Modi claims he has no funds to pay UK court fines, borrowing money

Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, has claimed that he has no funds and is resorting to borrowing money to pay the court-ordered legal costs amounting to more than 150,000 pounds. The 52-year-old former billionaire last year lost his legal battle in the highest UK court against being extradited to India in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case. But his case is now said to be statute barred, indicating further pending litigation. Meanwhile, Nirav remains behind bars at Wandsworth Prison in south-west London, from where he appeared via videolink for a hearing at Barkingside Magistrates' Court in east London on Thursday over unpaid legal costs, or fines, of 150,247 pounds ordered by the High Court in London, related to his extradition appeal proceedings. According to officials, the magistrates at a procedural hearing for court fines granted his plea to be allowed to pay 10,000 .

Nirav Modi's Firestar Diamond International's jewellery e-auction on Mar 25

Gold, platinum, diamond and jewellery of Firestar Diamond International, owned by fugitive diamantaire Nirav Modi, will go under the hammer on March 25, according to a sale notice. The sale notice has been issued by Santanu T Ray, who was appointed as a liquidator of Firestar Diamond International Private Limited by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2020. The affairs of the company is managed by Ray. The sale of gold, platinum and diamond jewellery will take place through e-auction on March 25, as per the notice. The reserve price of the items to be auctioned will be declared on the date of the auction. According to the e-auction document, the inventory includes finished jewellery, loose diamonds and colour stones, semi-finished jewellery, gold, platinum and silver. The liquidator has engaged Gemmological Institute of India to determine the value of the precious items. As on the liquidation commencement date, Nirav Deepak Modi and Haresh Vr

SC sends to Bombay HC CBI plea against nod to Mainak Mehta to travel abroad

The Supreme Court Thursday remanded back to the Bombay High Court for fresh adjudication in four weeks an appeal filed by the CBI challenging the nod granted to Mainak Mehta, the brother-in-law of fugitive diamantaire Nirav Modi, to travel to Hong Kong. Nirav Modi is an accused in the Punjab National Bank (PNB) fraud case. The CBI has alleged that Mehta received a large sum of money siphoned off in the PNB fraud scam and transferred them to his and his wife's offshore bank accounts. A bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and J B Pardiwala said the CBI and Mehta may file additional documents in the high court within a period of two weeks and the plea will be decided within two weeks after that. The court, in its order, noted that Mehta's counsel senior advocate Amit Desai, on instruction, has agreed to give a letter of authority to the central probe agency to access the details and probe his two offshore bank accounts. The CBI plea, filed through i

Nirav Modi's HCL House price slashed, DRT orders re-auction in Feb

Last week, DRT-I Recovery Officer Ajeet Tripathi put up HCL House in Marol for e-auction, plus 3 other lots of properties to recover a portion of the outstanding of a staggering Rs 22,13,16,39,411

ICAI can initiate suo moto cases against CAs in Nirav Modi case: Delhi HC

The Delhi High Court ruled that even in absence of a written complaint, the Institute of Chartered Accountants of India has the power to initiate suo motu disciplinary proceedings against its members

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Nirav Modi loses bid to go to UK Supreme Court against extradition to India

Fugitive jeweller and designer had fled India in early 2018, days before the details of his alleged role in large-scale fraud at the Punjab National Bank became public

Nirav Modi seeks permission to appeal extradition in UK top court

Fugitive diamond merchant Nirav Modi has filed an application in the High Court in London, seeking permission to appeal against his extradition order in the Supreme Court. The 51-year-old diamantaire lost an appeal on mental health grounds earlier this month, when a two-judge High Court bench ruled that his risk of suicide was not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case. Nirav, who remains behind bars at Wandsworth Prison in London, had two weeks to file an application seeking an appeal on the grounds of a point of law of general public importance, which according to experts is a high threshold that is not met very often. It is unknown if and when extradition may take place as Nirav Modi still has legal challenges open to him, UK Home Office sources said. The Crown Prosecution Service (CPS), acting on behalf of the Indian ...

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