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HomeCURRENT AFFAIRSBUSINESSFugitive diamond dealer Nirav Modi claims he's broke and borrowing money to...

Fugitive diamond dealer Nirav Modi claims he’s broke and borrowing money to pay legal fees

Nirav Modi: The fugitive diamond dealer Nirav Modi, who is sought in India to face prosecution on fraud and money laundering accusations, has stated that he is out of money and must borrow money to cover the more than 150,000 pound in court-ordered legal fees. The 52-year-old ex-billionaire lost his legal fight against extradition to India in the alleged USD 2 billion Punjab National Bank (PNB) loan scandal last year in the UK’s highest court. However, his lawsuit is now described as “statute blocked,” meaning that more action is still pending.

Modi’s extradition process and legal battle in the UK

Nirav is still imprisoned at Wandsworth Prison in south-west London, where he was on Thursday when he appeared via videolink for a hearing at Barkingside Magistrates’ Court in east London regarding unpaid legal costs, or fines, of 150,247 pounds ordered by the High Court in London in connection with his extradition appeal proceedings. Officials claim that the magistrates accepted his request to be given permission to pay 10,000 pounds per month until a review hearing that would take place in six months at a procedural hearing for court fines. Nirav admitted to the court that he had been borrowing money when asked how he planned to pay the monthly sum because his assets had been seized in India due to the extradition process, leaving him short on cash.

UK court rejects Modi’s appeals for permission to appeal to Supreme Court

Nirav Modi’s options for appealing his extradition to the UK courts were exhausted in December of last year when a two-judge bench in the Royal Courts of Justice in London rejected his requests for permission to appeal to the Supreme Court on the grounds of suicide risk and for certification of a point of law. UK Home Office sources have indicated that this case may be the subject of more litigation, which is likely to suggest a separate, private political asylum appeals process.

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Nirav Modi’s detention and allegations by Indian agencies

Justices Jeremy Stuart-Smith and Robert Jay stated that they were “far from satisfied that Mr. Modi’s mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him” in the case’s final extradition appeal hearing at the London High Court in November 2022. Also, they agreed that the Indian government would take its promises regarding Nirav’s medical care seriously enough once he was deported and lodged in Barrack 12 of Mumbai’s Arthur Road Prison. The appeal was rejected three years after Nirav Modi was detained in March 2019 pursuant to an extradition warrant based on allegations made against the businessman by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).

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