PNB scam | U.K. court’s judgement in Nirav Modi case important, should serve as reminder to all fugitives: CBI

The CBI on Thursday termed the judgement of a U.K. court in the Nirav Modi’s case as “significant” and stated it should serve as a reminder to all fugitives, who’ve indulged in giant worth frauds, that they can not escape the legislation merely by altering their nations of residence.

In an announcement, the CBI stated the court docket order vindicated the painstaking probe carried out by the company particularly since Mr. Modi had raised varied points on admissibility of proof, equity of investigation, trial, jail circumstances, availability of well being services in India and extraneous consideration, with a view to divert consideration from his personal acts.

Earlier, the Westminster Magistrates’ Court in London accepted the competition of the Indian authorities to extradite Mr. Modi saying that the proof in opposition to him “is prima facie sufficient to order his extradition to India to face the charges”.

The court docket additionally upheld the assurances of India and rejected the submissions of defence concerning human rights violations, honest trial and jail circumstances and determined to ship Mr. Modi’s case to the Secretary of the State, U.K. for remaining choice.

The “judgement is a significant achievement in the context of CBI’s efforts to curb corruption and is a reminder that fugitives, who have eluded the process of law after commission of large value frauds, cannot consider themselves above the process merely because they have changed jurisdictions”, the CBI stated.

It stated the company “gracefully acknowledges the painstaking and continuous efforts made by the counsels of Crown Prosecution service in forcefully presenting India’s case and also the efforts of various government agencies, especially officers of High Commission of India in London, Ministry of Home Affairs, Ministry of External Affairs, in coordinating the extradition trial, timely submission of evidences and assurances and prompt follow up of the case at all stages”.

The CBI had registered the case on January 31, 2018 in opposition to the associate of three non-public corporations and others together with then officers of Punjab National Bank on a grievance from Punjab National Bank on the allegations that the accused had hatched a legal conspiracy amongst themselves to defraud the Punjab National Bank to the tune of Rs 6,498 crore (approx) by fraudulently issuing Letters of Undertaking.

During investigation, the CBI carried out searches at 42 premises and arrested 15 individuals. Several witnesses have been examined and voluminous paperwork have been collected.

Investigation confirmed that the accused officers of the Punjab National Bank, in conspiracy with stated house owners of the corporations and others, had fraudulently issued numerous LoUs to abroad banks for acquiring Buyer’s credit score in favour of stated three corporations with none sanctioned restrict or money margin and with out making entries in the CBS system of the financial institution.

The first cost sheet was filed on May 14, 2018 in opposition to 25 accused together with Mr. Modi. The second cost sheet was filed on December 20, 2019 in opposition to 30 accused individuals together with the 25earlier in respect of 150 excellent fraudulent LoUs which had resulted in wrongful lack of ₹6805 crore (approx.) to PNB.

It was additionally alleged that Mr. Modi in conspiracy with different accused had siphoned off the funds obtained as purchaser’s credit score by dummy corporations established by him in Dubai and Hong Kong which have been proven as exporter of Pearls to three Nirav Modi corporations and importer of Pearl studded jewelry from his corporations.

Mr. Modi had escaped from India on January 1, 2018 earlier than registration of case in CBI. A non bailable arrest warrant was issued by the trial court docket in opposition to him adopted by a crimson nook discover in June 2018 by Interpol.

He was arrested by the U.K. Police in London in March 2019 and his repeated functions for bail, have been rejected by the Westminster Magistrates’ Court and High Court, London.

After second cost sheet was filed, further evidences have been submitted to the Court in London for the full fraud quantity of Mr. 6805 crore (approx.). In addition, second extradition request for the offences of intimidating the witnesses and destruction of proof was additionally submitted to the U.K. authorities.

The extradition proceedings in opposition to Mr. Modi have been initiated earlier than the Westminster Magistrate Court in London.

In extradition requests, CBI submitted voluminous oral and documentary proof to substantiate the fees of legal conspiracy, dishonest, legal breach of belief, legal misconduct by public servants, destruction of proof and legal intimidation of proof.

The listening to of first extradition request was held in Westminster Magistrates’ Court, London throughout May, 2020 and the listening to of second extradition request was held throughout September, 2020.

The video of a barrack of Arthur Road Prison, Mumbai, was submitted by India which was additionally performed in the court docket. The listening to on admissibility of the proof was held on November 3, 2020 and the ultimate submissions by the either side have been made earlier than the court docket in January, 2021.