Nirav Modi slapped with arrest warrant by British court

Minnie Murray
March 23, 2019

Despite offering to put up STG 500,000 ($928,300) security, he was told he would not be given bail.

In a statement, the London Metropolitan Police said: "Nirav Deepak Modi, 48, was arrested on behalf of the Indian Authorities on Tuesday in Holborn".

In the prison in south London, Modi's inmates will include the likes of alleged Dawood henchman Pakistani-origin Jabir Moti, now undergoing extradition proceedings to the US.

Police in India later raided the homes and offices of Modi and business partner Mehul Choksi, seizing almost US$800 million in jewels and gold.

Nirav Modi was produced before the Westminster Magistrates' Court on Wednesday, where he contested his extradition to India.

This is a big move for India who is working hard to extradite him to the country.

District Judge Marie Mallon ruled that there is a risk Nirav would fail to surrender for future hearings because of his access to large sums of money. The CBI and the ED have now got a shot in the arm with Modi's arrest and the work has now begun to lay hands on him.

It was claimed that the tacit arrangements being struck between Boutique Law and Scotland Yard were thrown awry due to the widespread publicity of the case worldwide and Modi was arrested as he tried to open a bank account in London.

Modi will next appear at Westminster Magistrates Court on March 29 for a case management hearing.

The court, they said, also allowed the Income Tax Department to sell another 68 paintings seized by it as part of its separate probe against the absconding diamantaire. Sources said Modi is also citing human rights issues to plead his case for further stay in the UK.

India welcomed the arrest of bank fraud accused Nirav Modi by British authorities in London, and said it was engaged with the United Kingdom for his extradition at the earliest.

A demonstrator holds an effigy depicting billionaire jeweller Nirav Modi during a protest in Kolkata, India, February 18, 2018. The duo face allegations of defrauding the Punjab National Bank of Rs 13,578 crore in issuance of letters of undertaking and foreign letters of credit on the basis of alleged fabricated documents.

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