Nirav Modi’s custody extended until Aug 22

Nirav Modi’s custody extended until Aug 22

Agency News

London, Jul 25: A UK court on Thursday denied bail to fugitive diamantaire Nirav Modi who is wanted in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case and further extended his judicial remand till August 22.

Modi, 48, has been lodged in Wandsworth prison, considered one of Britain's most notorious cell, since March this year while his bail pleas have been rejected several times.

The absconding diamantaire is accused of defrauding state-owned Punjab National Bank (PNB) via fraudulent Letters of Undertaking (LoUs) had been in possession of multiple passports, since revoked by the Indian authorities to the tune of Rs 13,500-crore.

He was arrested on the basis of the extradition request of India and a Red Corner notice issued against him on the request of the CBI last year.

Earlier on June 27, the Swiss authorities had frozen bank accounts of Modi and his sister Purvi Modi having deposit balance of Rs 283.16 crore in their four bank accounts in Switzerland.

The accounts were frozen following the Indian Enforcement Directorate's request under the Prevention of Money Laundering (PMLA) Act. The request was made on the ground that money was deposited in these bank accounts out of illegal funds siphoned off from Indian banks and the same has represented proceeds of crime.The court on the same day had extended his remand till today. (UNI)