"Guide to looting India by Nirav Modi - - 1) Hug PM Modi 2) Be seen with him in Davos. Use that clout to: A) Steal 12,000 crore B) Slip out of the country like Mallya, while the government looks the other way," Congress chief Rahul Gandhi tweeted.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Nirav Modi's lawyer raised a British court's judgment blocking the extradition of WikiLeaks founder Julian Assange to the US on mental health grounds, as the embattled diamond merchant appeared via videolink before a court here on Thursday for a two-day hearing of final submissions in his fight against being extradited to India. The 49-year-old diamond merchant, facing charges of fraud, money laundering and intimidating witnesses in the estimated $2-billion Punjab National Bank (PNB) scam case, appeared in the Westminster Magistrates' Court. Sporting a full beard and dressed casually in a blazer, he followed the proceedings from a room at Wandsworth Prison in south-west London as his counsel raised Monday's judgment which blocks the extradition of Assange to the US on the grounds of his mental health.
Choksi filed the affidavit in connection with two petitions submitted by him in the HC seeking dismissal of an application filed by the ED in a special court for declaring him a fugitive economic offender.
Rajan said it is hard to offer an objective self-assessment but the RBI should probably have raised more flags about the quality of lending in the early days of banking exuberance.
The issuance of NBWs by a court also opens door of seeking Red Corner notices against both of the accused from the Interpol.
'The Modi government has been taking credit for improvement in respect of the ease of doing business in India.' 'But when I look at the scams I cannot help feeling that it is too easy to do business with banks in India, if one is a Harshad Mehta, Vijay Mallya or Nirav Modi and their tribe,' says former Union home secretary Madhav Godbole.
The United Kingdom's home department has cleared the extradition of fugitive diamantaire Nirav Modi, who is wanted in an over Rs 13,000-crore bank fraud case, officials said on Friday.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
The Indian High Commission in London on Thursday welcomed the Westminster Magistrates' Court ruling in the extradition case of diamond merchant Nirav Modi, wanted in India to stand trial on charges of fraud and money laundering related to the Punjab National Bank (PNB) letters of undertaking (LoUs) scam case. A senior diplomat at India House said the judgment, which found a prima facie case against the accused, paves the way for the government of India and the high commission officials to liaise with the UK authorities on the next stages of the procedural matters for his early extradition to India. "The judgment paves the way for the government of India, including the High Commission of India in London, to liaise with the UK authorities on the procedural matters," said the diplomat at the High Commission. "As with previous extradition cases, we will press on with the next steps," he said.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
The Crown Prosecution Service said the hearing for his bail petition will take place on June 11.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the UK on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial. India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud. At a media briefing, joint secretary in the Europe West division in the ministry of external affairs (MEA) Sandeep Chakravorty said British Prime Minister Boris Johnson has mentioned that the authorities in the UK will do whatever possible to make sure that the economic offenders are extradited.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the United Kingdom on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial.
The Congress had on Thursday targeted Modi for the presence of Punjab National Bank fraud accused jewellery designer Nirav Modi in an Indian business delegation at the World Economic Forum in Davos.
Police in Dominica captured Choksi on Tuesday night (local time) after an Interpol Yellow Notice was issued by Antigua and Barbuda.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
The PNB ambassador is Virat Kohli, Priyanka Chopra and Siddharth Malhotra are the faces of the Nirav Modi label, Kangana Ranaut, Kriti Sanon and others endorse the family of brands under the Gitanjali Group.
Gandhi also labelled Mann Ki Baat a monologue.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
'I was shocked by the kidnapping episode. I could have lost my life.'
With this, India joins 60 other countries that collect PNR details of international passengers.
Antigua and Barbuda Prime Minister Gaston Browne has asked neighbouring Dominica, where fugitive businessman Mehul Choksi was caught, to hand the diamantaire over to India directly, local media reported.
With a UK court ruling in favour of the extradition of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering in Punjab National Bank (PNB) scam case, Mumbai's Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
District Judge Marie Mallon said there were substantial grounds to believe that Nirav Modi would fail to surrender if granted bail.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised.
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