Diamantaire Nirav Modi, who was recently spotted on the streets of London is all set to arrested by the London authorities.
Top sources have told India Today TV that a provisional arrest warrant against the celebrity diamond trader who is accused of defrauding Punjab National Bank of to the tune of over Rs 13,000 crore has been issued by the Westminster court.
Earlier this month, Nirav Modi was spotted roaming the streets of London sporting a handlebar moustache with full face beard and an Ostrich skin jacket worth almost Rs 10 lakh.
Sources say, now the clock is ticking for Nirav Modi and any moment now, he will arrested by London Police and later will be produced before the Westminster Court.
However, Modi will be eligible to appeal for bail and most likely, he will be granted conditional bail.
A team of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) will leave for London soon.
Top sources have told India Today TV that the top officials of investigative agencies are in touch with UK authorities and Indian High Commission in London is closely monitoring the developments.
The intelligence agencies along with ED and CBI are also ascertaining the present location of Nirav Modi in London against whom extradition process was initiated in August 2018.
Sources say, after being spotted in London by a media house, Modi has changed his address once again and is staying at a different address now.
A top ranking official, who is closely monitoring the investigation told India Today TV that after the extradition request was issued against Nirav Modi last year, he panicked and fled from London. Before coming back to London again, he was located in Edinburgh and Manchester.
The UK Home Office on March 7 sent the extradition request of Indian agencies against fugitive Nirav Modi to the Westminster court after it found that the case is fit for extradition.
ED sources have told India Today TV that on March 9, the agency received an email from the UK Home Office which read, the extradition request has been certified by Home Secretary and the same has been sent to the Westminster Magistrate Court.
India Today TV has learnt that the UK Home Secretary, in his remark over extradition of Nirav Nodi, has said that this is a fit case for issuing an arrest warrant.
Sources within the government claims that ED had stepped up the pressure on UK authorities, who were sitting on the extradition since August, in the month of January.
The UK authorities, early this year, had sought assistance from the Enforcement Directorate pertaining to their case, but the agency, according to sources, refused to provide any assistance and warned UK authorities that they will not assist in any case till the time they do not take action against Nirav Modi.
According to the agency, during the investigation, it was revealed that substantial proceeds of obtained fraudulently by Nirav Modi owned group of firms — Solar Exports, Stellar Diamonds, Diamond RUS from Punjab National Bank — were diverted to Nirav Modi, his relatives and entities controlled by him.
The ED had registered a money laundering case against Nirav Modi and others on February 15, 2018 under the provisions of PMLA on the basis of an FIR registered by CBI under Sections 120-B r/w 420 of IPC, 1860 read with Section 13(2) read with 13(1)(d) of PC Act, 1988.
Allegedly, Nirav Modi, Mehul Choksi and others committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the LOUs issued without following prescribed procedure and caused a wrongful loss to the bank.
Several properties of Nirav Modi in India and abroad worth Rs 1,725.36 crore were also attached earlier.
In addition to the aforementioned attachments, gold, diamond, bullions, jewellery and other valuables worth Rs 489.75 crore belonging to Nirav Modi Group were also seized. A prosecution complaint has been filed in this case against Nirav Modi and others for the offence of money laundering.
