Published 18:37 IST, June 8th 2020
Nirav Modi's property worth Rs 1,400-crore confiscated, PMLA court passes order
The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of fugitive businessman Nirav Modi
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The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of fugitive businessman Nirav Modi. The PMLA court passed the order of confiscating the properties on Monday. In December 2019, a special PMLA court in Mumbai declared him as a Fugitive Economic Offender. The Indian businessman has a 30-day period to seek legal counsel before the Enforcement Directorate (ED) and the Income Tax (IT) Department confiscates the properties.
Languishing in Wandsworth Prison since his arrest on March 19, 2019, Modi has been accused of being the principal beneficiary of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB to the extent of Rs 13,570 crore.
Extradition case in London adjourned
On May 14, District Judge Samuel Goozee of the Westminster Magistrates’ Court in London adjourned the extradition case of fugitive diamond merchant Nirav Modi till September 7, 2020. Modi had appeared before the court via videolink due to the novel coronavirus crisis. The first phase of the hearing from May 11 was to establish a prima facie case against Modi, but it had to be deferred as the Indian government submitted a further set of documents as corroborative evidence on Wednesday. While his remand hearing shall take place on June 11, the hearing of the extradition case is expected to be held between September 7 and 11.
18:37 IST, June 8th 2020