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Fugitive diamond merchant Nirav Modi jailed till March 29 by London court: A timeline of his extradition case

BusinessToday.In     March 20, 2019

Fugitive billionaire diamantaire Nirav Modi, a prime accused in $2 billion PNB scam, has been arrested in London on Wednesday where a court remanded him in custody till March 29. The Westminster Court has denied the bail plea filed by him, saying that he is a flight risk, which means that he has enough resources and motive to flee once again.

Nirav Modi, who has been on the run since February 2018, was arrested by the UK authorities on behalf of the Indian Authorities on Tuesday. The 48-year-old billionaire had been found to be doing diamond business in one of the best and high-end markets of London despite India's efforts to bring him back.

Last week, the UK Home Secretary's office moved the extradition file of Nirav Modi to the Westminster Court in London, finding his case "fit for extradition". He had entered the United Kingdom on a 'golden visa' issued on his now-revoked Indian passport. It is a tier-1 investor visa issued to individuals from countries outside the European Union and Switzerland.

Also Read: Nirav Modi arrested: What's the legal process ahead for extradition?

Here's round-up of events on what has happened to the fugitive economic offender so far.

March 20, 2019: Nirav Modi arrested in London after a yearlong chase and remanded in custody till March 29.

March 19, 2019: He was placed under arrest by Metropolitan Police, London.

March 18, 2019: An arrest warrant issued by the Westminster Magistrates Court, sources have said. The warrant had been issued last week, and India had been made aware of this on Monday.

March 9, 2019: The UK Home Secretary moved the extradition file of diamantaire Nirav Modi to the Westminster court in London.

February 26, 2019: The ED attached properties worth Rs 147.72 crore owned by the diamond merchant and his companies, under the Prevention of Money Laundering Act (PMLA).

November 6, 2018: Nirav Modi's 11 properties in Dubai, worth Rs 56 crore, were seized by the ED.

October 1, 2018: The ED had attached assets worth Rs 637 crore of Nirav Modi and his family members, including two apartments at New York's iconic Central Park.

July 26, 2018: A PMLA court summoned Nirav Modi and his uncle Mehul Choksi, wanted in a 13,000-crore Punjab National Bank scam, to appear before it on September 25 and 26 respectively.

July 2, 2018: Interpol issues red corner notice against Nirav Modi.

June 25, 2018: The ED moved a PMLA court in Mumbai, seeking Nirav Modi's extradition from the UK, Belgium, and other countries, as his location had not been confirmed.

February 28, 2018: Firestar Diamond Inc, the flagship company of Nirav Modi, files for bankruptcy in the United States.

February 27, 2018: A magistrate's court issues a bailable arrest warrant against Nirav Modi.

February 24, 2018: Diamond trader Nirav Modi's passport was revoked by the Ministry of External Affairs of India.

February 21, 2018: CBI arrested Vipul Ambani, CFO of Nirav Modi's company and two other senior executives of the company. It also sealed his farmhouse in Alibaug.

February 20, 2018: A letter that Nirav Modi wrote to the PNB management on February 15/16 came out; loan default pegged around Rs 5,000 crore.

February 19, 2018: CBI summoned Nirav Modi's Chief Financial Officer and seals Mumbai's PNB branch.

February 18, 2018: CBI arrested former PNB Deputy Manager Gokulnath Shetty, single window operator Manoj Kharat and group's authorised signatory Hemand Bhat.

February 16, 2018: ED carried out raids and searches. CBI filed second FIR against Mehul Choksi.

February 15, 2018: Nirav Modi and Mehul Choksi passport revoked. CBI got diffusion notice.

February 14, 2018: PNB filed complain to the CBI about Nirav Modi alleging fraudulent transactions worth about Rs 11,400 crore. The bank said that money had been illegally transferred abroad from its branch in Mumbai as its own officials violated rules and put out illegal guarantee documents to help the celebrity jeweller secure credit from banks abroad.

January 31, 2018: CBI carried out raids and searches and opens a Look Out Circular against him.

January 30, 2018: CBI filed the first FIR against Nirav Modi, his brother Nishal Modi, uncle Mehul Choksi and wife Ami Modi.

January 29, 2018: PNB filed the first complaint with CBI pegging the LoU scam at 280 crore rupees. By then, all had left the country.

While Nirav Modi and Nishal left India on January 1, Choksi did so on January 4 and Ami on January 6.

Edited by Chitranjan Kumar

Also Read: Nirav Modi denied bail by UK court, to remain in custody till March 29

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