UK court has dismissed the bail petition of fugitive Nirav Modi for the seventh time. Explain that Nirav Modi is accused of fraud and money-laundering of more than 14 thousand crore rupees loan from Punjab National Bank in India and has been declared a fugitive.
Nirav Modi challenged his extradition order in a UK court. He is currently lodged in Wandsworth Prison in London. The case was filed by the two investigating agencies of India, the Central Bureau of Investigation and the Directorate of Vigilance. It is alleged that by showing fake consent of Indian bank, Modi took loans from banks and manipulated that money. London police arrested Nirav Modi on 19 March.
Extradition hearing extended to 3 November
A UK court recently extended the extradition hearing to 3 November. Last month, Modi’s legal counsel told a UK court that Nirav Modi was not being given a fair trial in India due to the politicization of the case.
In March 2020, the ED seized and auctioned many of Nirav Modi’s properties. These included items such as expensive paintings, watches, purses, expensive cars, handbags. According to the ED, around 51 crore was found during this auction.
This property of Nirav Modi will be confiscated-
Nirav Modi has properties in Mumbai, Delhi, Jaipur, Alibag, Surat. These cities have their luxurious houses, flats, crores of apartments, luxurious offices, many plots. Nirav Modi has six apartments in a building called Samudra Mahal in Worli, Mumbai. Each apartment is worth around Rs 100 crore.
According to the Directorate of Promotion, a large music store by the name of Nirav Modi’s 3500 sq ft Rhythm House, a property on Pedder Road, on Breach Candy Road, in Kalaghoda area near Mumbai’s Sessions Court. One flat, 3 flats in Opera House will all be confiscated. There are offices in Mumbai, Jaipur, Surat in the name of Four Star Diamonds Company. While there are many properties in posh areas of Delhi. The Bandra-Kurla Complex in Mumbai has luxurious offices. There is a luxurious beach villa on the banks of Alibaug in Maharashtra.