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UK Court Denies Bail To Nirav Modi | Nirav Modi Arrested | India Development Debate

UK Court Denies Bail To Nirav Modi | Nirav Modi Arrested | India Development Debate

The long arm of law comes calling for Nirav Modi. More than a year after the 14,000 cr PNB scam was unearthed, the fugitive diamantaire will finally face action for his role in the biggest banking fraud in India’s history. Nirav was arrested in London where a district court has denied bail as the court believes that Modi may flee the country if given a chance. His arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in the PNB scam. The next hearing has been scheduled for March 29 which mean that Nirav Modi will have to spend the next 8 days in jail. Meanwhile, the Mumbai court has allowed the ED to auction at least 78 paintings owned by the diamond trader which could fetch around Rs 10 crore. The money will be deposited in the trial court. Nirav Modi is the prime accused in the Rs 14,000 cr Punjab National Bank fraud case. Wanted for his role in India’s largest-ever bank fraud, Nirav Modi’s arrest officially heralds the beginning of the extradition proceedings against Nirav Modi. The latest developments in bringing back the fugitive offender is what Taneia Bhardwaj is discussing on this India Development Debate.

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