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Nirav Modi extradition: UK Court extends fugitive Diamantaire's custody till January 7

Nirav Modi has been in prison since his arrest on March 19, 2019 on an extradition warrant executed by Scotland Yard.

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Nirav Modi had been following the court proceedings from a room at Wandsworth Prison and could be seen taking notes during the course of the trial (Image Source: PTI)
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UK Court has extended fugitive diamond merchant Nirav Modi's custody till January 7 after hearings in his extradition case. Nirav Modi is a 'wanted' in India in connection with the estimated USD 2-billion Punjab National Bank (PNB) scam case.

The 49-year-old businessman, appeared before the Westminister Magistrates' Court via videolink for a routine 28-day remand hearing on Tuesday. Nirav Modi has been behind bars at Wandsworth Prison in south-west London since his arrest in March 2019 following India's extradition request for him.

The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year. Noteworthy, is that District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later. 

It is worth noting that on November 3, Judge Goozee heard the arguments for and against the admissibility of certain witness statements given by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and ruled that the proof to establish a prima facie case of fraud and money laundering against Modi is broadly admissible.

Cases against Nirav Modi

- Two sets of criminal proceedings are on against fugitive Diamantaire Nirav Modi.

- CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of 'Letters of Understanding' (LoUs or loan agreements).

- The Enforcement Directorate case relating to the laundering of the proceeds of that fraud. 

- He also faces two additional charges of 'causing the disappearance of evidence' and intimidating witnesses or criminal intimidation to cause death added to the CBI case.

- CPS, on behalf of India, have told the court that a number of PNB staff conspired with Nirav Modi to ensure the LoUs were issued to his companies.

-  LoUs were issued without ensuring they were subject to the required credit check, without recording the issuance of the LoUs and without charging the required commission upon the transactions.

Nirav Modi's defence

- Defence team sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems and jewellery trade.

- The Letter of undertaking (LoUs) were standard practice.

- His severe depression has also been raised as part of the arguments against extradition.

The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down. The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB or LoUs.

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