The diamond trader faces fraud and money laundering charges estimated at an estimated $2 billion in the Punjab National Bank (PNB) loan fraud case, news agency PTI reported.
BIG BREAKING: Big win for Indian agencies. Nirav Modi extradited to India! Nirav Modi is losing his appeal in the UK High Court. The High Court says Modi’s extradition to India will not be unjust or oppressive. pic.twitter.com/FkqgD1FYQb
– Law Today (@LawTodayLive) November 9, 2022
The verdict was delivered by Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year.
Modi, who is behind bars at Wandsworth Prison in south-east London, was granted permission to appeal the Westminster Magistrates’ Court decision in favor of extradition by District Judge Sam Goozee last February.
The 51-year-old is charged with a large-scale fraud at PNB by fraudulently obtaining Letters of Commitment (LoUs) or loan agreements. Another case against Modi is related to money laundering of the proceeds of this scam.