Nirav modi arrest: Punjab National Bank has arrested Nirav Modi, the main accused in the scam worth over Rs 13,000 crore, in London. Nirav Modi was presented in Westminster Magistrates’ Court, where his bail application was rejected. Along with this, the hearing of the matter was postponed and now the next hearing will be held before the Chief Magistrate on March 29. It is clear, then, that Nirav Modi will be in custody till March 29. Tell you that the court will hear the case on its extradition in India. In the meanwhile, sources say that Nirav Modi properties can be sold on behalf of the Enforcement Directorate.
Not found bail
It was believed that Nirav can get bail from the London court. After this the further case will be run like the case of Vijay Mallya. However, on Wednesday, Westminster Court rejected Nirav ‘s bail application. Now he will be in custody until March 29. Significantly, fugitive businessman Vijay Mallya was also arrested in London in 2017. However, he was granted bail in a while. Earlier in the same year in April, Mallya had been arrested in London and he had been granted bail within a few hours.
Westminster Court issued arrest warrants
The Westminster Court issued this award warrant in response to the filing of an extradition request from the Enforcement Directorate of India. It was said since then that Nirav Modi can never be arrested. Officials said that the investigating agency had recently been informed about the issue of warrant issued by the Westminster Magistrate Court and that Nirav Modi was soon asked to be arrested by the local police (London Metropolitan Police).
What is PNB scam (Nirav modi arrest)
11,400 thousand crore PNB scam is the biggest banking scam in the country. Nirav Modi is the main accused. This includes Nirav’s Mama Mehul Vigyan. The PNB scam continued for 7 years, but the RBI and the finance ministry did not even notice it. In this scandal, many employees of the bank were also involved in which action was being taken.
In this case, the letter of undertaking involves LOU. It is a kind of guarantee, on the basis that other banks provide money to the account holder. Now if the account holder default, then the loan provider has the responsibility of the bank to pay the dues to the concerned bank. According to the charge sheet filed against Nirav ,Nirav Modi got money in the account of Shell companies located in Dubai and Hong Kong through fake LO for PNB.
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