Warrant issued by UK court for Nirav Modi's arrest

March 18, 2019 20:51

Nirav Modi was spotted in London by UK mediapersons.Diamantaire Nirav Modi, who was recently spotted on the streets of London is all set to arrested by the London authorities.

Top sources have said that a provisional arrest warrant against the celebrity diamond trader who is accused of defrauding Punjab National Bank of to the tune of over Rs 13,000 crore has been issued by the Westminster court.

Earlier this month, Nirav Modi was spotted roaming the streets of London sporting a handlebar moustache with full face beard and an Ostrich skin jacket worth almost Rs 10 lakh.

Sources say, now the clock is ticking for Nirav Modi and any moment now, he will arrested by London Police and later will be produced before the Westminster Court.

However, Modi will be eligible to appeal for bail and most likely, he will be granted conditional bail.

A team of Central Bureau of Investigation and Enforcement Directorate will leave for London soon.

The ED had registered a money laundering case against Nirav Modi and others on February 15, 2018 under the provisions of PMLA on the basis of an FIR registered by CBI under Sections 120-B r/w 420 of IPC, 1860 read with Section 13(2) read with 13(1)(d) of PC Act, 1988.

Allegedly, Nirav Modi, Mehul Choksi and others committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the LOUs issued without following prescribed procedure and caused a wrongful loss to the bank.

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