Nirav Modi's property worth Rs 1,400-crore confiscated, PMLA court passes order

Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of fugitive businessman Nirav Modi. PMLA court passed order of confiscating properties on Monday. In December 2019, a special PMLA court in Mumbai declared him as a Fugitive Ecomic Offender. Indian businessman has a 30-day period to seek legal counsel before Enforcement Directorate (ED) and Income Tax (IT) Department confiscates properties.

RE | Extrition Case Of Fugitive Diamond Merchant Nirav Modi journed Till September 7

Languishing in Wandsworth Prison since his arrest on March 19, 2019, Modi has been accused of being principal beneficiary of fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB to extent of Rs 13,570 crore.

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Extrition case in London journed

On May 14, District Judge Samuel Goozee of Westminster Magistrates’ Court in London journed extrition case of fugitive diamond merchant Nirav Modi till September 7, 2020. Modi h appeared before court via videolink due to vel coronavirus crisis. first phase of hearing from May 11 was to establish a prima facie case against Modi, but it h to be deferred as Indian government submitted a furr set of documents as corroborative evidence on Wednesday. While his remand hearing shall take place on June 11, hearing of extrition case is expected to be held between September 7 and 11.

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