Nirav Modi, a diamond merchant on the run, could be sent back to India because the High Court in London turned down his appeal on Wednesday because of his mental health. The court said that the risk of him killing himself wasn’t high enough to keep him from being charged with fraud and laundering money.
Here is everything you need to know about the 51-year-old diamond dealer, whose stones have been worn by Kate Winslet, who won an Oscar:
Who is Nirav Modi?
Nirav Deepak Modi dropped out of the prestigious Wharton Business School at the University of Pennsylvania. He is likely to be remembered for his role in the Punjab National Bank scam case of 2018, which was one of India’s biggest bank frauds. Modi was born in Palanpur, Gujarat, to a family of diamond traders.
He grew up in Belgium. But when he was 19 and his father Deepak Modi took him back to India, he started learning about diamonds from his uncle Mehul Choksi and working for his business, Gitanjali Group, which has more than 4,000 stores in India.
Even though Modi is a fugitive who is about to be sent back to India, he was once one of the youngest Indian billionaires on the Forbes Billionaires List. Hollywood stars like Kate Winslet and Dakota Johnson have worn his diamonds, and former US president Donald Trump came to the opening of his store on Madison Avenue in New York.
Nirav Modi to be extradited to India as UK court rejects his plea. Jonathan Gilbert brings you the details.#5iveLIVE @ShivAroor #NiravModi pic.twitter.com/ppMF5eVDAj
— IndiaToday (@IndiaToday) November 9, 2022
In 2010, Modi was the first Indian jeweler to be featured on the covers of auction catalogs from Christie’s and Sotheby’s, both of which are very well-known. His most well-known pieces are the Golconda Lotus Necklace, which has a rare 12.29-carat Golconda diamond, pink diamonds, and exclusive Aindra cut diamonds, and the “Riviere of Perfection,” which has 36 flawless white diamonds that weigh a total of 88.88 carats and are set in a ring. Both were sold at auctions in Hong Kong for huge amounts of money.
READ MORE: Cristiano Ronaldo and TikTok celebrity chef Can Burak will launch a restaurant together
In 1999, he started working for Firestar Diamond International Company, which made expensive jewelry. In 2014, Nirav Modi opened his first store, which was named after him. Soon, the jeweler, whose business was growing quickly, opened shops in Mumbai, New York, and Hong Kong. Before the PNB scam happened in 2018, Modi was thought to be worth about $1.7 billion.
Nirav Modi is married to Ami Modi, who is the daughter of a diamond dealer. They have two daughters and a son together.
What is the Case Against Him?
The UK High Court pointed to three cases against Modi: the Central Bureau of Investigation (CBI) case of fraud on the Punjab National Bank (PNB) that caused losses of over GBP 700 million, the Enforcement Directorate’s (ED) case related to the alleged laundering of the proceeds of that fraud, and the third set of criminal proceedings related to the alleged interference with evidence and witnesses in the CBI proceedings.
Since he was caught in March 2019, Modi has been locked up at Wandsworth Prison in southwest London. He has said that he did nothing wrong. In 2018, the jeweler left India before it was known how he was allegedly involved in the large-scale fraud at the PNB.
— Pravin Kumar (@Pravin_aap) November 9, 2022
The ED is looking into his wife Ami, his brothers Neeshal Modi and Nehal Modi, his uncle Mehul Choksi, his sister Purvi Modi, and others for scams, fraud, and money laundering.
On January 29, 2018, the PNB reported Nirav Modi, Choksi, and others to the police for fraud totaling $2 billion. Before the case was filed on January 2, Nirav had already left India on January 1. He and Choksi were accused of using fake Letters of Undertaking from PNB to move about Rs 13,600 crore worth of money.
The order will be sent to the Secretary of State Priti Patel to sign on after which Modi can be extradited to India.
However, Modi will appeal against this decision in the high court. So he is not coming back to India yet.
But Round One:
India -1
Nirav Modi – 0#NiravModi pic.twitter.com/NctyA918JZ— Ruhi Khan ⚡️ (@khanruhi) February 25, 2021
In February 2018, the CBI started looking into the alleged scam. After that, the ED seized diamonds, gold, and jewelry worth a total of Rs 56.74 billion from Modi’s home and offices. In the same month, the CBI made its first arrests in the case. Two PNB employees and a Modi group executive were taken into custody.
READ MORE: Alia Bhatt and Ranbir Kapoor Baby Girl Pics Revealed: Check Out Here!
The central government then took away Modi’s and Choksi’s passports for four weeks. Soon, the CBI arrested Modi’s company’s chief financial officer (CFO) and two other top executives from his companies. It also shut him out of his home in Alibaug. The ED took nine luxury cars from Modi and his companies, and a magistrate’s court issued a bailable arrest warrant for the diamond merchant, who is now on the run.
To those who are asking when Nirav Modi will be brought to India:
UK Home Secy signed Vijay Mallya’s extradition order on 3.2.2019 !
Like Mallya, Nirav Modi can also challenge this order in HC and so on. https://t.co/GN9wk0AIYN
— Arvind Gunasekar (@arvindgunasekar) April 16, 2021
In June 2018, Interpol put out a Red Corner Notice against Modi for money laundering. The ED asked a special court in Mumbai for his extradition in the same month.
What Did the Uk High Court Say in Its Order?
The High Court in London denied Modi’s request to not be sent to India because of his mental health. It said that the risk of suicide was not high enough to make it unfair or unfairly harsh to send him there to face fraud and money laundering charges.
Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who ran the appeal hearing at the Royal Courts of Justice earlier this year, said that district judge Sam Goozee’s order from last year in favor of extradition was “sound.”
“We are far from convinced that Mr. Modi’s mental state and risk of suicide are such that it would be unjust or oppressive to extradite him,” the ruling, which was made remotely, says.
Nirav Modi is here – in a black jacket and a long peppered beard. He is listening intently to the judge pronounce his verdict. #Escaped #NiravModi @DanishKhan80 pic.twitter.com/sEzvKBHlZt
— Ruhi Khan ⚡️ (@khanruhi) February 25, 2021
“It may be that the main benefit of the appeal was to get the extensive further [Indian government] assurances that we have identified in the course of this judgment, which make the situation clear to Mr. Modi’s advantage and the District Judge’s decision supportable,” the judges ruled.
What Did the Court Say About Modi’s Mental Health?
According to the news agency PTI, the ruling agrees that Modi’s risk of suicide is “high” or “substantial” if he is extradited, but it comes to the conclusion that the risk of suicide and the risk of Modi’s depression getting worse cannot be looked at separately.
“Based on the assurances given by the GoI, we accept that there will be appropriate medical care and management for Mr. Modi. This will be done with the knowledge that he is a suicide risk,” the ruling says. “A suicide risk is a person who, if nothing is done to stop them, may or will try to kill themselves and may or may not succeed.”
READ MORE: What Amsterdam’s $100m Loss Means for Upscale Films
“The evidence does not support a conclusion that the promised steps will completely eliminate the risk that Mr. Modi will commit suicide, or even that he will try to do so,” the report says.
Based on the testimony of expert witnesses, the verdict says that Modi hasn’t shown any signs of psychotic illness so far. He has had “persistent suicidal ideation,” but he hasn’t tried to kill himself or hurt himself on purpose, and he hasn’t told anyone about his plans except in the “most vague and general way.
There is a prima facie case: Judge says. UK court agrees that Modi has a case to answer in India. #Escaped #NiravModi @DanishKhan80 pic.twitter.com/q0Anob15NV
— Ruhi Khan ⚡️ (@khanruhi) February 25, 2021
But it also says that safety measures will be taken at Barrack 12 of Arthur Road Jail in Mumbai, where he will stay after being extradited. This will make sure that he is constantly watched and reduce the chance that he will try to kill himself.
What’s the Status of the Case in India?
Under the Fugitive Economic Offenders Act, a special court let the ED seize 39 of Modi’s properties on October 31. Rhythm House in Kala Ghoda, valuables taken from Modi’s bungalow in Alibaug, and 22 cars are among the properties. The ED tried to take away 48 properties worth Rs 929 crore.
