United Kingdom’s Home Ministry approved the extradition of Nirav Modi to India in connection with the Rs 13,758-crore fraud, PTI reports. “The Secretary of State for the UK’s Home Department, Priti Patel, has approved Mr. Nirav Modi’s extradition,” a CBI official said on Friday.

Nirav Modi is an Indian diamantaire, who fled the country after being charged for fraud worth Rs 13,000 crore against government-owned Punjab National Bank (PNB). Modi and his family, including his uncle Mehul Choksi, who owns Gitanjali Group, fled the country in early 2018, soon before the news of fraudulency came to light. Fugitive Modi is currently facing a trail in a UK court. 

In February 2018, an investigation was initiated by the Central Bureau of Investigation (CBI) after a case was filed by Punjab National Bank alleging that the 49-year-old jeweller and his partners, hand-in-glove with some of the bank officials, defrauded the bank of Rs 28,000 crore, by fraudulently obtaining Letter of Undertaking (LoU) for making payments to overseas suppliers. Though the bank has alleged fraud of Rs 28,000 crore, the investigative agencies have calculated a potential loss of Rs 13,000 crore.   

India seeks Nirav Modi’s extradition: 

The Indian government has been seeking Nirav Modi’s extradition from the UK government, as he has been lodged at Wandsworth Prison in south-west London since his arrest in March 2019. A five-day extradition trial was held at Westminster Magistrates’ Court, starting May 11, 2020, where Modi joined via the court’s common viewing platform (CVP).  The court on May 15 adjourned his hearing till September 7.

Modi’s Swiss bank accounts frozen: 

Further tightening the noose around Modi, the Swiss bank in June 2019, froze a total of 6 million USD present in the diamantaire’s Swiss Bank accounts along with the assets. 

Charges against fugitive Nirav Modi:

Soon after the CBI began its probe, reports of Modi seeking political asylum in Britain surfaced in June 2018. Modi, who is currently under arrest in the UK, is facing several charges such as Criminal Conspiracy, Criminal Breach of Trust, Cheating and Dishonesty, including delivery of property, corruption, fraud, money laundering, embezzlement and breach of contract. Modi had been remanded in further custody until July 9, 2020 by a UK court.