The Crown Prosecution Service (CPS) representing India on Monday opened the five-day extradition trial of diamantaire Nirav Modi by setting out details of financial fraud perpetrated by him and his companies through a Mumbai branch of the Punjab National Bank.
Modi, 49, allegedly indulged in lies, threats and bribery, the CPS lawyer, Helen Malcolm, told district judge Samuel Mark Goozee in the Westminster Magistrates Court. Lodged in the Wandsworth prison since arrest in March 2019, Modi appeared in the trial via videolink.
India has submitted a cache of documents to substantiate its request for Modi’s extradition to face charges for fraud amounting to over Rs 11,300 crore. Malcolm mentioned names of PNB officials while setting out the charges.
The court was told that loans and credit were obtained by Modi and his companies fraudulently and when the fraud was discovered, Modi allegedly began a campaign to intimidate witnesses. Mobile phones and a server were destroyed, she said.
Modi is now the subject of two extradition requests; one processed by the Central Bureau of Investigation (CBI) and the other by the Enforcement Directorate (ED).
The CBI case relates to large-scale fraud upon PNB, through the fraudulent obtaining of Letters of Understanding (LOUs/loan agreements); the ED case relates to the laundering of the proceeds of that fraud.
{{/usCountry}}The CBI case relates to large-scale fraud upon PNB, through the fraudulent obtaining of Letters of Understanding (LOUs/loan agreements); the ED case relates to the laundering of the proceeds of that fraud.
{{/usCountry}}The second extradition request was made on the basis of two additional offences as part of the CBI case. It was certified by home secretary Priti Patel on February 20 as required under the 1993 India-UK extradition treaty.
The additional offences relate to allegations that Modi interfered with the CBI investigation by “causing disappearance of evidence” and intimidating witnesses (”criminal intimidation to cause death”). They have not been joined to the CBI case, but will be dealt with at a separate later hearing likely in July, the CPS said.
Despite offering to raise the bail security amount to 4 million pounds, UK courts have refused Modi bail on the ground that he posed a flight risk and had the means to influence witnesses and tamper with evidence.