(Image source from: mynation.com)
UK Court rejects Nirav Modi's application against Extradition:- Indian billionaire businessman Nirav Modi is absconding from the country after he owes Rs 13500 crores to Punjab National Bank and its allies. Nirav Modi was caught in London and he is jailed in the capital. A London court is hearing his extradition and the Indian officials are speeding up the process of his extradition without leaving any stone unturned. A UK High Court rejected the application filed by Nirav Modi to appeal against the extradition case to India. He lodged an appeal last month in the High Court of London. It was on April 15th this year, UK Home Secretary Priti Patel allowed Nirav Modi to be extradited to India. Nirav Modi was arrested on March 19, 2019 and he is landed in Wandsworth prison in London.
Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.#PSBs have already recovered ₹1357 Cr by selling such shares.
— Nirmala Sitharaman (@nsitharaman) June 23, 2021
A total of ₹9041.5 Cr shall be realised by banks through sale of such attached assets.https://t.co/e6F7n8drdl https://t.co/Jw96WlfjHX
A red corner notice was issued in June 2018 after he escaped from the country in January 2018. All his bail petitions are rejected by the Westminster Court and High Court. With his appeal against extradition, Nirav Modi will now be flown to India soon. Assets worth Rs 9371 crores belonging to Vijay Mallya, Mehul Choksi and Nirav Modi have been transferred to the state-run banks by the Enforcement Directorate to recover the losses from the bank fraud. The Enforcement Directorate seized assets worth Rs 18,170.02 crores including Rs 969 crores worth foreign assets. The banks could recover 80.45 percent of the total loss. "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered," told Finance Minister Nirmala Sitharaman in a tweet.
