London. Fugitive Indian businessman Nirav Modi has told a British court that there will be sensational developments when the hearing in his Indian extradition case resumes next month. He made this statement in the Royal Courts of Justice in London as an accused in the PNB fraud of Rs 6,498 crore. The comments were made during a separate proceeding related to an outstanding loan of $8 million from Bank of India.
Nirav Modi has been in London jail since his arrest in March 2019. He is fighting extradition to India on fraud and money laundering charges. Identifying himself as the plaintiff in person, Modi read out his handwritten notes in court wearing a shabby white T-shirt and pink track pants. He argued that the legal process was unfair to him because he had poor vision and was unable to access computers in prison.
Britain’s Crown Prosecution Service has confirmed that Nirav Modi has applied to reopen his extradition appeal. The Government of India has already submitted its reply on this and the matter is scheduled to be heard in the end of November. The development comes after the UK Home Office approved his extradition, marking a significant turning point in the high-profile legal battle. Nirav Modi expressed hope that after the court accepts new evidence, he will either be acquitted or get bail.
Let us tell you that Nirav Modi had fled India in January 2018, just a few weeks before this big banking scam came to light. He and his maternal uncle Mehul Choksi are accused of defrauding PNB by obtaining fake letters of undertaking without proper approval or collateral. The scam led to PNB defaulting on payments to SBI (Mauritius and Frankfurt), Allahabad Bank (Hong Kong) and other international banks, while Modi’s companies failed to repay the loans.
The Mumbai court declared him a fugitive criminal in 2020 and also ordered confiscation of his assets. Several attempts for his bail in Britain have already been rejected due to fears of him fleeing abroad.