In a big setback to fugitive diamantaire Nirav Modi, UK's Westminster Magistrates’ Court on Thursday, ordered extradition of Nirav Modi to India to stand trial in the 2-billion Punjab National Bank (PNB) scam. Accepting that prima facie, a money laundering case has been established, the judge accepted that Modi threatened witnesses and tampered with evidence. Noting the 'Letter of Understanding' has been issued between 2011 and 2017 without being entered in the CBS system of the bank to mislead authorities, the judge did not accept Nirav Modi's claim that he was involved in a legitimate business'. The judge also ruled that there were clearly links between Nirav Modi and other conspirators including bank officials in question, stating that Modi's companies were shadow companies operated by him.
The judge was also satisfied that there is evidence that Modi could be convicted, while dismissing Modi's claims that Law & Justice Minister Ravi Shankar Prasad tried to influence case against the billionaire. Now, speaking on the issue, BJP IT Cell chief Amit Malviya on Thursday said, "UK Court’s order on Nirav Modi’s extradition is a shot in the arm for the agencies pursuing the fugitive. This is in line with Modi Govt’s commitment to bring all economic offenders to book. After legislating the Fugitive Economic Offenders Act, this is significant development." The 49-year old, wanted by India to face charges of fraud and money laundering amounting to nearly USD 2 billion in the Punjab National Bank (PNB) case, has been denied bail at several attempts at Westminster Magistrates' Court in London, as the judge ruled there was "substantial risk" that he would fail to surrender and deemed the bail security offered as insufficient. Nirav Modi was arrested by uniformed Scotland Yard officers on an extradition warrant from a Metro Bank branch in central London on March 19 and has been in prison since.