The UK High Court has rejected the petition filed against the extradition of PNB fraud case accused Nirav Modi. After the decision of the High Court, the way has been cleared to bring fugitive Nirav to India. However, it may still take some time.
After the completion of the due legal process of diplomacy and human rights, the UK police will hand over Nirav to the Central Investigation Agency (CBI). After this, the investigating agency will bring Nirav from Britain to India.
What are the cases registered against Nirav?
1. Money Laundering Case- CBI after the initial investigation registered a case against Nirav Modi under PMLA Act. After this, ED also entered into its investigation. The PMLA court has declared Nirav a fugitive.
2. Case of criminal conspiracy and cheating- On January 29, 2018, on the complaint of PNB, Mumbai Police registered a case of criminal conspiracy and cheating against Nirav Modi. This complaint was lodged by the Deputy General Manager of PNB.
How much has Nirav defrauded?
According to PNB's complaint, Nirav Modi took a loan of about 14 thousand crore rupees in 8 installments. This loan was taken in February 2017. After taking the loan, Nirav kept misleading the bank for a few days and then fled India.
Nirav will be interrogated separately
According to Supreme Court lawyer Dhruv Gupta, ED and CBI will interrogate Nirav Modi separately after coming to India. ED's investigation will be based on money laundering, while CBI will inquire about criminal conspiracy and cheating.
The investigating agency can also use the PMLA Act to keep Nirav in custody for a long time.
Nirav's security is also a big challenge
Nirav Modi told the UK High Court that there is a threat to his life in the Arthur Jail in Mumbai where he is being kept. In the affidavit filed on behalf of Nirav, it was said that he could be murdered or he would commit suicide himself.
Nirav's security is also a big challenge after being brought to India. However, the Government of India told the UK High Court that Nirav would be kept in a special cell. He will be allowed to meet the lawyer every day and the family once a week. Sharp objects have been removed from the special cell.
What is the punishment for Nirav?
According to advocate Dhruv Gupta, a case has been registered against Nirav in three sections. In such a situation, there is a different provision of punishment in all the sections.
Under PMLA, there can be rigorous imprisonment of 3 years and above. Getting bail will also be difficult.
Fraud can be punished with imprisonment of up to 7 years and a fine. There is a similar punishment for criminal conspiracy.
PNB money will have to be returned to Nirav?
This will be decided by the court hearing. Recovery cannot be forced in the cases registered against Nirav. If proven guilty, the court can impose a jail term and fine on Nirav.
In the money laundering case, the court can also order confiscation of property, but Tanirav's property is not much left now. According to a report, the ED has so far been able to seize assets worth only Rs 8.5 thousand crores.
Nirav wrote a letter to PNB in 2018. In the letter, Nirav had said that the way raids and action are being taken. In that case, refund is not possible. All our stocks have fallen. Now it has to be seen what attitude Nirav takes to return the money after coming to India.
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