UK court denies nirav Modi bail, next hearing on March 29
While sending him in police custody, the court fixed the next hearing on March 29. It is believed that Modi has sought time before the court so that he could present his version in the matter.
Obviously, it was a bank clerk who actually recognized Modi and called the police. Modi's lawyer said in court that he was living openly and he was honest.
The judge retired for about 10 minutes, discussed the arguments of both sides and finally handed him custody till March 29. The judge however considered a possibility on bail, but in the end assuming that there was enough ground to believe that Neerav Modi would have failed to surrender on bail.
Jonathan Swain of the CPS (Crown Prosecution Service) is representing India, while Neerv Modi's lawyer George Hepburn Scott.
The absconding dynamant was arrested on the warrant issued by the Westminster Magistrates' Court in London. He was presented to the District Magistrate and was formally charged. The fugitive jeweler was arrested in pursuance of extradition request by ED (ED).
Modi had fled from India immediately after the PNB scam emerged last year. In June last year, the Red Corner Notice was issued by Interpol against Modi.
Meanwhile, the Foreign Ministry has already sent an extradition request to the United Kingdom.
India's premier investigating agencies, the Enforcement Directorate and the CBI are investigating the PNB scam, in which Modi and his uncle and associate Mehul Choksi are involved. Choksi had also fled to India last year and he took refuge in Antigua.
CBI has registered an FIR against Modi, Choksi, Modi's brother and wife. While his wife Ami is a US citizen, his brother Nishal is a Belgian citizen.
With Choksi, Modi allegedly betrayed Punjab National Bank through the issuance of Letter of Undertaking (LoUs) and Foreign Exchange Letters (FLCs) of Credit, thus misleading the amount of Rs 6,498.20 in Brady House Branch of PNB in Mumbai. While Choksi has been accused of cheating the money. 7080.86 crores
LOU is issued by the issuing bank to the Indian banks abroad, which is given to the applicant to provide short-term loans.
