UK, 23/6(Ao Bureau):Fugitive businessman Nirav Modi has lost his legal battle in the High Court of the United Kingdom. The court has dismissed the plea to stop his extradition (Plea Against Extradition). It is believed that now the way for Nirav’s return to India can be cleared.
On 25 February, a UK court had ruled in favor of the extradition of Nirav Modi. After this, in the month of April, the UK Home Department had given permission to extradite diamond merchant Nirav Modi, wanted in a bank fraud of Rs 13 thousand crore, to India. Now he has got a big setback from the High Court.
Two types of criminal cases against Nirav Modi
It is noteworthy that Nirav Modi is facing two types of criminal charges. In the first case, the CBI is probing the fraudulent receipt of ‘letter of undertaking’ or loan settlement from PNB, while the Enforcement Directorate is probing the money laundering case. He is facing charges of causing disappearance of evidence and intimidation of witnesses or ‘criminal intimidation causing death’, which has been linked with the CBI cases.
Assets worth Rs 9,371 crore transferred to public sector banks
Earlier, news has come that the Enforcement Directorate has transferred assets worth Rs 9,371 crore of fraud accused fugitive businessmen Vijay Mallya, Nirav Modi, Mehul Choksi to public sector banks. According to the information received, the property of the three absconding accused will be compensated for the loss caused by their fraud.