Nirav Modi is fighting extradition charges related to the estimated $2billion PNB fraud and money laundering case.
London: Nirav Modi is set to appear via video link for the second leg of his extradition trial at a UK court on September 7. The businessman is charged in a money laundering case in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.
Due to coronavirus lockdown restrictions, District Judge Samuel Goozee has directed Modi's appearance from a room in Wandsworth Prison in south-west London with social distancing norms in place.
The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank (PNB), known as letters of undertaking (LoUs).
Modi's team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems trade and that the LoUs were standard practice.
49-year-old Nirav Modi is currently lodged in a UK jail after being arrested in London in March 2019 and is currently fighting extradition to India.
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Last Updated 6, Sep 2020, 6:01 PM