The Home Department of the UK has permitted India to extradite Nirav Modi. He is a wanted diamond trader who did a bank fraud of Rs 13,000 crore.
The CBI officials have given this information on Friday. Nirav Modi, along with his Uncle Mehul Choksi did fraud on the Punjab National Bank (PNB). It is noteworthy that the Westminster Magistrate’s Court in London approved Nirav Modi’s extradition on 25 February. The British court notified this decision to the UK Home Department. After this incident, the home Department of the UK gave permission for the extradition of Nirav Modi.
The Extradition process won’t be easy
Though the Home Department of the UK has allowed for Nirav Modi’s extradition, he still can challenge this decision. Nirav Modi can challenge this decision in a British court within 14 days.
Nirav Modi disappeared before the PNB filed an FIR against him
Moreover, on 29 January 2018, the PNB had lodged an FIR against Nirav and his associates. However, he disappeared just before this incident. After this, The family of Nirav Modi had also disappeared from India. Moreover, Nirav Modi knew about the FIR.
The biggest bank fraud of India
The accused, Nirav Modi had done the biggest Bank fraud in India. He defrauded PNB of 14 thousand 500 crores. Nirav Modi quickly went from a diamond brand owner to became a fugitive. The investigating agencies from India, Interpol, Canada’s investigating agency, and the FBI also want to prosecute Nirav in various cases.
The Punjab National Bank Scam
Meanwhile, The PNB scam is the biggest fraud in India’s banking history. In this scam, bank officials used fake Letters of Undertakings (LOUs) at PNB’s Brady House branch in Fort, Mumbai. Indian bank branches used these LOUs for the import of pearls for a period of one year. Meanwhile, as per RBI rules, the time period is up to 90 days from the date of shipment. Nirav Modi used the LOUs for a year with the bank officials.