Will Nirav Modi Be Finally Sent Back to India? Judgment Day in UK Extradition Case on February 25

London: Will fugitive diamantaire Nirav Modi be lastly extradited to India and face prices of fraud and cash laundering in Punjab National Bank (PNB) rip-off case? The judgment day for the extradition case has been set as February 25. Also Read – Nirav Modi’s Brother Arrested in New York For Defrauding LLB Diamonds of $2.6 Million

District Judge Samuel Goozee confirmed the timeline on Friday, on the finish of closing submissions in the case at Westminster Magistrates’ Court in London. Also Read – PNB Fraud Case: UK Court Rejects Fugitive Nirav Modi’s Bail For 7th Time

The needed diamond service provider stays remanded in custody and can seem for a routine 28-day remand listening to through videolink in the interim on February 5. Also Read – PNB Fraud Case: Nirav Modi Extradition Trial Resumes in UK Court

Earlier on Friday, the decide heard that Nirav Modi is accountable for overseeing a “ponzi-like scheme” that induced huge fraud to PNB.

The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, targeted on laying out the prima facie case of fraud, cash laundering and perverting the course of justice towards the 49-year-old jeweller, who adopted the proceedings on the second day of a two-day listening to through videolink from a room at Wandsworth Prison in south-west London.

The court docket was taken by way of proof already offered earlier than Westminster Magistrates’ Court in London throughout the course of a number of hearings final yr in order to wrap up the extradition listening to this week.

The easy and stark truth is that he (Nirav Modi) used his three partnership corporations to purchase billions of {dollars} value of credit score which was solely unsecured and LoUs [letters of undertaking] have been issued for wholly bogus commerce, mentioned CPS barrister Helen Malcolm, showing through videolink for the part-remote court docket proceedings due to the coronavirus lockdown.

While the defence claims this can be a mere business dispute, there’s a plethora of proof to level to a ponzi-like scheme the place new LoUs have been used to repay outdated ones, she mentioned.

A ponzi scheme usually refers to an funding rip-off which generates funds for earlier traders with cash taken from later traders and the CPS sought to set up that Modi used his corporations Diamonds R Us, Solar Exports and Stellar Diamonds to make fraudulent use of PNB’s LoUs in a conspiracy with banking officers.

Malcolm’s arguments additionally reiterated earlier proof of a video by a former worker claiming to have obtained demise threats from Modi and dummy administrators of shell corporations being compelled to depart India to evade the investigations launched by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).

These administrators have been pressured to get them additional out of the way in which from the Indian investigation, famous Malcolm.

Drawing Justice Goozee’s consideration to real and bona fide prices filed towards Modi in India, she harassed that the decide want solely to fulfill himself on whether or not there’s a prima facie case towards Modi to be extradited to stand trial on the costs.

Modi’s defence staff, led by barrister Clare Montgomery, in her counter-arguments has challenged that premise as a result of it will method the case with a particularly broad brush.

It requires correct evaluation as to why the offences can’t quantity to an allegation of financial institution fraud, as there is no such thing as a case of operative deception, mentioned Montgomery, referring to skilled proof on Indian regulation given by former Indian High Court Judge Abhay Thipsay final yr.

She additionally sought to set up that your complete course of comprised of authorised although ill-advised lending that came about in broad daylight and none of her consumer’s actions met the authorized threshold of perverting the course of justice.

On Thursday, the decide heard detailed arguments from either side about why Modi’s deteriorating psychological well being situation does or doesn’t meet the Section 91 threshold of the Extradition Act 2003 which has most lately been used in the UK to block the extradition of Wikileaks founder Julian Assange on the grounds of it being unjust and oppressive as he’s a excessive suicide threat.

As in the Assange case, the problems right here evidentially are the identical the psychological situation of Modi and the remedy he would obtain given the jail circumstances in India, mentioned Montgomery, pointing to her consumer’s extreme melancholy and threat of suicide due to his prolonged incarceration since March 2019 and known as for his discharge.

The CPS challenged the defence stance to say that the 2 circumstances have been of a very totally different nature and as an alternative sought an adjournment in the occasion that Section 91 was to be engaged, to enable an unbiased analysis of medical information by a guide psychiatrist and acceptable assurances be acquired in phrases of his care in India.

Modi is the topic of two units of felony proceedings, with the CBI case relating to a large-scale fraud upon PNB by way of the fraudulent acquiring of LoUs or mortgage agreements, and the ED case relating to the laundering of the proceeds of that fraud. He additionally faces two extra prices of “causing the disappearance of evidence” and intimidating witnesses or felony intimidation to trigger demise added to the CBI case.

The jeweller has been in jail since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his makes an attempt at in search of bail have been repeatedly turned down.

(With inputs from PTI)

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