(Image source from: cnbctv18.com)
Billionaire businessman Nirav Modi has been absconding from the country after he owes Rs 14000 crores to Indian banks. He was spotted in UK and is taken into custody. Indian government worked hard to extradite him back to the country and UK government cleared the extradition of Nirav Modi. UK Home Secretary Priti Patel signed the extradition order on Thursday. The 50-year-old businessman is one step away from extradited back to the country but Nirav Modi has an option to challenge legally in 28 days before the High Court of the United Kingdom. It takes years if he heads to the court.
The UK Westminster Court allowed the extradition plea and they sent the case to the Home Secretary. Nirav Modi had to pay crores of money to Punjab National Bank and its allies from the past few years. The judge dismissed the arguments in February about his mental health after he explained about the poor prison conditions in India. The judge said that he is satisfied with the evidence about money laundering. Nirav Modi was arrested in 2019 from a metro station in London after he flew from India. Nirav Modi was spotted in various countries before he was arrested in London and his bail plea was rejected. Nirav Modi is facing charges of CBI and ED on money laundering issues.
By Siva Kumar