PNB Scam: UK's Westminster Court Rejects Bail Application of Fugitive Diamantaire Nirav Modi
London, May 8: A UK court Wednesday rejected the third bail plea of fugitive diamond merchant Nirav Modi, wanted in India for alleged fraud and money laundering charges amounting to nearly USD 2 billion. Red Corner Notice Against Nirav Modi Issued By Interpol In PNB Fraud Case.
Following is the chronology of the case and its origin:
January 29, 2018: Punjab National Bank (PNB) files police complaint against Nirav Modi, Mehul Choksi and others accusing fraud to the tune of Rs 2.81 billion.
February 5, 2018: The Central Bureau of Investigation (CBI) launches an investigation into the alleged scam.
February 16, 2018: The Enforcement Directorate (ED) seizes a cumulative Rs 56.74 billion worth of diamonds, gold and jewellery from Modi's home and offices.
February 17, 2018: The CBI makes first arrest in the case. Two PNB employees and an executive of Modi's group detained.
February 17, 2018: Government suspends passports of Modi and Mehul Choksi for four weeks in connection with the PNB fraud.
February 21, 2018: CBI arrests CFO of Modi's firm and two other senior executives of his firms. It also seals his farmhouse in Alibaug.
February 22, 2018: The ED seizes nine luxury cars belonging to Modi and his firms.
February 27, 2018: A magistrate's court issues a bailable arrest warrant against diamond trader Modi.
June 2, 2018: The Interpol issues Red Corner Notice against Modi for money laundering.
June 25, 2018: The ED moves a special court in Mumbai seeking Modi's extradition.
August 3, 2018: The Indian Government sends a request for the extradition of Modi to the UK authorities.
August 20, 2018: The CBI officials request Interpol Manchester to detain Modi after the latter informs about his presence in London to Indian authorities.
December 27, 2018: The UK informs India that Modi is living in the country.
March 9, 2019: British newspaper 'The Telegraph' confronts Modi on London's streets and confirms his presence in the country.
March 9, 2019: The ED says government of the UK has sent an extradition request of fugitive diamantaire Modi to a UK court for further proceeding.
March 18, 2019: Westminister Court in London issues arrest warrant against fugitive Modi after the Indian government request was forwarded to the court by the UK Home Office.
March 20, 2019: Nirav Modi arrested in London and produced in Westminister Court, which denies him bail.
March 20, 2019: Modi sent to Her Majesty's Prison (HMP) Wandsworth till March 29.
March 29, 2019: A Westminster Magistrates Court in London rejects Modi's second bail application, saying there are "substantial grounds" to believe that he will fail to surrender. The judge fixes April 26 as the next date of hearing when he will appear via video link from jail.
April 26, 2019: UK court further remands Modi till May 24.
May 1, 2019: Modi decides to make third bail plea on May 8.
May 8, 2019: A Westminster Magistrates Court rejects Modi's third bail plea with the judge saying the fugitive diamond merchant would fail to surrender.