Fugitive diamond merchant Nirav Modi wanted in India for massive frauds and financial irregularities, has been given extended custody till August 22 by London’s Westminster Court on Thursday.
Nirav Modi is at the center of the Rs 11,300-crore fraudery case involving the Punjab National Bank (PNB) and had escaped days before the scandal came to public knowledge.
Modi was arrested from the Holborn Metro Station in March this year. He was produced before the Westminster court soon after his arrest.
Nirav Modi has fled after allegedly siphoning off about Rs 11, 300 crores from Punjab National Bank (PNB) using Letters of Undertaking (LoU) in collusion with his uncle Mehul Choski. The Chief Bureau of Investigation (CBI) registered an FIR against him on January 31 on the basis of the complaint against him and Choksi from the bank. It was followed by another FIR by the agency against him.
The Enforcement Directorate (ED) had auctioned Nirav Modi’s assets and recently his seaside bungalow in Alibaug was demolished using controlled blasting. The action came after the sprawling seaside mansion Roopanya in Raigad district’s Alibaug was declared illegally build and it had brushed aside environmental norm.
