nirav modi | Business Upturn

Nirav Modi turns to European Human Rights Court in final attempt to block extradition

Deeksha Sasikumar — Thu, 16 Apr 2026 10:01:28 +0000

Fugitive diamantaire Nirav Modi has lodged an application with the European Court of Human Rights in Strasbourg to stop his removal from the United Kingdom to India. The 55-year-old jeweller, wanted in the massive Punjab National Bank fraud case involving over one billion US dollars, made the move after the London High Court rejected his latest appeal on March 25.

The application seeks a Rule 39 interim measure, an urgent injunction that would prevent extradition while the court examines the case. Nirav Modi claims he faces an imminent risk of irreparable harm if sent back to India. His legal team argues that he has used up all options in the British courts.

A spokesman for the Crown Prosecution Service confirmed the development. He said Nirav Modi is due to be removed but has now lodged the Rule 39 application to stay the process. The UK government will not carry out the removal while the European court considers the request. Indian agencies, including the CBI, had been set to take custody within 28 days of the March 25 ruling.

Extradition barrister Ben Keith explained how the process works. The application goes to a single judge in writing with no hearing at this stage. A decision usually comes within 48 hours, though the judge may ask the UK government for more information, which could stretch the timeline. There is no fixed limit for the full case, which can take three to five years if the interim measure is granted.

Rule 39 requests are not common successes. In 2025, out of 2,701 such applications, only 222 were approved. These measures do not decide the final outcome. They only aim to stop any immediate irreversible damage while judges look into claims of human rights violations.

The case has drawn attention because the European Court recently granted anonymity to Nirav Modi. This means the proceedings will stay confidential and out of public view for now. Reports suggest a hearing on the plea, along with submissions from Indian authorities, could happen within the next two weeks.

Nirav Modi has been fighting extradition for years from a prison in London. UK courts have repeatedly turned down his arguments in the past. The latest rejection closed the door on reopening his appeal in Britain, leaving the European route as his last legal option.

Indian authorities view the move as a delay tactic and expect the application to face tough scrutiny. They point to previous UK court decisions that accepted India’s assurances on fair treatment and prison conditions. If the European court rejects the request, it would remove the final hurdle for extradition.

The Punjab National Bank scam came to light in 2018 when Modi and others were accused of using fraudulent letters of undertaking to siphon off funds. The case led to major probes by the CBI and Enforcement Directorate. Nirav Modi fled India shortly before the fraud was exposed and was arrested in the UK in 2019.

For Indian investigative agencies, bringing him back remains a priority in the fight against economic offences. Successful extradition would send a strong message that fugitives cannot hide indefinitely by moving between countries.

The coming days will be important. If the judge grants the interim stay, Nirav Modi’s case will move to a deeper review on whether his rights under the European Convention on Human Rights would be violated. If turned down quickly, removal proceedings could restart soon.

This development keeps the long-running saga in focus. It highlights how complex cross-border legal battles can stretch over years even after domestic courts deliver clear rulings. Businesses and banks affected by the original fraud continue to watch for any progress that could help recover losses.

As things stand, Nirav Modi stays in the UK while the European Court reviews his urgent plea. The outcome could either open the path for his return to India or add more months of legal uncertainty to the case.

Banks unable to release money from accounts of Nirav Modi’s firm

Aryan Jakhar — Fri, 10 Feb 2023 02:58:37 +0000

According to reports, two banks have notified a special PMLA court that they are unable to release funds held in the accounts of a company owned by fugitive diamond trader Nirav Modi.

According to the lenders, the funds are in the account of Nirav Modi’s Firestar International Limited.

According to a report by Hindustan Times, Livemint’s sister newspaper, the official liquidator has submitted an affidavit claiming that three banks have yet to pay ₹37 crore from Nirav’s business account towards the collection debts. The liquidator was appointed by the National Company Law Tribunal.

According to the affidavit, the business held a deposit of ₹2.67 crore with Kotak Mahindra Bank, ₹17.98 crore with Union Bank of India, and ₹16.32 crore with Bank of Maharashtra in October 2022.

In August, the court ordered the banks to surrender the funds in favour of the liquidator under the Prevention of Money Laundering Act (PMLA).

However, according to the affidavit, the banks stated that they were unable to release the funds.

According to Kotak Mahindra Bank, the firm’s account was initially attached by the Income Tax Department and then by the Enforcement Directorate a day later. The agencies are looking into money laundering allegations against Modi and his Firestar Group companies.

“We had no choice but to make the payment (from the company’s account) as the dues were statutory and if they were not paid there would be grave consequences. Therefore, a demand draft of ₹2.46 crore was issued in favour of the department,” Kotak Mahindra Bank said.

The Bank of Maharashtra, on the other hand, told HT that the money in the firm’s credit balance had been changed against a loan account.

The case has been scheduled for a decision on February 23rd.

Nirav Modi’s appeal against his extradition to India is denied by a UK court

Aryan Jakhar — Wed, 09 Nov 2022 11:31:13 +0000

The Punjab National Bank (PNB) loan scandal case include charges of fraud and money laundering totaling an estimated USD 2 billion. The High Court in London ordered diamond dealer Nirav Modi’s extradition to India on Wednesday.

The judgement was given by Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year.

The 51-year-old businessman was given permission to file an appeal against District Judge Sam Goozee’s Westminster Magistrates’ Court decision in favour of extradition in February while he was still incarcerated at Wandsworth Prison in south-east London.

The High Court was given permission to appeal on two grounds: Section 91 of the Extradition Act of 2003, which also deals with mental illness, and Article 3 of the European Convention of Human Rights (ECHR), which allows for hearings on whether extraditing Modi would be “unjust or oppressive.”

Central Bureau of Investigation (CBI) case concerns a widespread fraud against PNB that involved obtaining letters of undertaking (LoUs) or loan agreements fraudulently, and the Enforcement Directorate (ED) case concerns the laundering of the proceeds of that fraud. Modi is the subject of both sets of criminal proceedings.

He also faces two new accusations that were added to the CBI case: “causing the disappearance of evidence” and “criminal intimidation to cause death” against witnesses.

England’s judiciary will not be used for evading law of India: Boris Johnson on Vijay Mallya

Aryan Jakhar — Fri, 22 Apr 2022 12:37:50 +0000

When asked about Nirav Modi, Vijay Mallya, and other Khalistani fanatics, British Prime Minister Boris Johnson indicated on Friday that extradition cases were stalled owing to legal technicalities.

“We’ve set up an anti-extremist task force to help India…UK govt ordered extradition…We don’t welcome people who want to use our legal system to evade the law in India,” The British PM mentioned.

#WATCH| On being asked about Nirav Modi, Vijay Mallya &Khalistani extremists,British PM Boris Johnson said,"We've set up an anti-extremist task force to help India…UK govt ordered extradition…We don’t welcome people who want to use our legal system to evade the law in India." pic.twitter.com/rK3nV9xRG2

— ANI (@ANI) April 22, 2022

“We don’t allow extremist organisations forming in the UK and endangering other nations, including India,” British Prime Minister David Cameron said, adding that the UK government has established an anti-extremist task force to assist India.

“The UK government has requested their extradition,” British Prime Minister Boris Johnson said when questioned about fugitives Nirav Modi and Vijay Mallya, who have found asylum in the UK.

The British Prime Minister further stated that these individuals should be returned to India for trial. He also made it plain that anyone who uses the British judicial system to avoid facing charges in India would be rejected.

Vijay Mallya, an Indian businessman, is now battling extradition from the United Kingdom. Mallya is accused of fraud and money laundering in India, where he owes an estimated 9,000 crore to 17 Indian banks.

Meanwhile, Nirav Modi is a wanted Indian businessman who dealt in high-end diamond jewellery. He is the creator of the Nirav Modi diamond jewellery retail network. In the $2 billion Punjab National Bank (PNB) fraud case, Modi is being investigated. In August 2018, the Indian government charged him in the PNB scam case with criminal conspiracy, criminal breach of trust, cheating, corruption, money laundering, fraud, embezzlement, and breach of contract.

Johnson addressed measures to strengthen security ties with India with his Indian counterpart Narendra Modi during his maiden visit to the Indian capital as UK Prime Minister. India buys more than half of its military gear from Russia.

According to Johnson, the UK is also developing an open general export licence for India in order to reduce delivery times for defence equipment. At the moment, only the European Union and the United States have such permits.

₹18,000 crore recovered from Vijay Mallya, Nirav Modi & Choksi: Centre to SC

Sathvika Chelakani — Wed, 23 Feb 2022 13:57:30 +0000

Solicitor General Tushar Mehta informed the Supreme Court on Wednesday that Rs 18,000 crore had been returned to the banks in the Vijay Mallya, Nirav Modi, and Mehul Choksi cases.

Mehta, speaking on behalf of the Centre, told a bench led by Justice A.M. Khanwilkar that the total proceeds of crime in the Prevention of Money Laundering Act (PMLA) cases pending before the Supreme Court amount to Rs 67,000 crore.
He went on to say that the Directorate of Enforcement is currently investigating 4,700 cases and that the number of cases taken up for investigation each year over the last five years has ranged from 111 in 2015-16 to 981 in 2020-21.

Mallya is wanted in India on fraud and money laundering charges and is being held on bail in the UK while a “confidential” legal process is completed.
After the UK government ordered his extradition to India in February 2019, Mallya exhausted all legal avenues to challenge the order in British courts. The businessman is now wanted to believe to be relying on an application for political asylum in the United Kingdom.
While Mallya owes a consortium of banks over 9,000 crore in principal and interest, diamantaires Nirav Modi and Choksi, the main suspect in the Punjab National Bank (PNB) loan fraud case, had also caused the bank losses totalling 13,000 crore.

The Supreme Court is currently hearing a slew of petitions challenging the broad range of powers granted to the Directorate of Enforcement (ED) under the law for quest, seizure, investigation, and attachment of criminal proceeds.

Mehta told the bench, which included Justices Dinesh Maheshwari and C.T. Ravikumar, that over the last five years (2016-17 to 2020-21), only 2,086 cases were filled up for investigation under the PMLA, despite the police and other enforcement agencies filing approximately 33 lakh FIRs for predicate offences.

He went on to say that “a very handful of cases are being taken up for investigation under the PMLA in comparison to annual registration of cases under the Money Laundering Act in the UK (7,900), the US (1,532), China (4,691 cases), Austria (1,036), Hongkong (1,823), Belgium (1,862) and Russia (2,764).”

PNB bank fraud: CBI court grants bail to accused for attending daughter’s roka ceremony in Mumbai

Sneha Sengupta — Fri, 13 Aug 2021 06:21:52 +0000

On Thursday, Punjab National Bank (PNB) scam accused Vipul Chitalia has been granted bail by a special CBI bench to attend a pre-marriage ceremony (roka) of his daughter.

In March 2018, Chitalia was in relation with the scan in which diamond eminent traders like Nirav Modi and Mehul Choksi who are the prime accused in this case. Since then, Chitalia has been kept in judicial custody at the Arthur Road Jail, Mumbai.

Chitalia tried to appeal for a bail plea to attend an upcoming ceremony of his daughter’s marriage.

Special judge V C Barde permitted him to attend the ceremony at his residence in suburban Borivali under a police escort on August 14 and 15, the court order read.

Choksi and Nirav Modi are accused of retrieving Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) of around ₹12,636 crore from the PNB bank which accounted for fraudulent claims and causing the nationalized bank a major loss. An LoU is an assurance given by an issuing bank to Indian banks having various branches abroad to access short-term credit to the applicant.

Nirav Modi and his uncle Mehul Choksi are reportedly accused of taking letters of undertakings (LoUs) and foreign letters of credit (FLCs) of around ₹13,500 crore from the Brady House branch of PNB supporting the foreign branches of Indian banks.

UK High Court allows Nirav Modi to appeal on mental health grounds

Diya S. — Mon, 09 Aug 2021 11:28:09 +0000

On August 9, a High Court (HC) judge in United Kingdom’s capital city London approved fugitive diamond merchant Nirav Modi’s permission to appeal against a magistrate court’s order that favoured his extradition to India to face fraud and money laundering charges before Indian courts on mental health as well as human rights grounds.

In July, Modi had cited poor conditions of Indian jails alongside an increased risk of depression that may lead to his suicide as arguments in a fresh appeal against extradition to India.

Justice Martin Chamberlain concluded that the arguments presented by the legal team of Modi regarding his severe depression and high risk of suicide were arguable at a substantial hearing.

His ruling notes stated, “At this stage, the question for me is simply whether the appellant’s case on these grounds is reasonably arguable. In my judgement, it is. I will grant permission to appeal on Grounds 3 and 4.”

Additionally, Justice Chamberlain noted that the arguments made under both grounds overlapped in the case since they are both primarily dependent on the appellant, i.e., Modi’s mental health.

He highlighted that the adequacy of the measures capable of the prevention of “successful suicide attempts” in Mumbai’s Arthur Road, where the diamond merchant is to be detained upon extradition, was also a part of the arguable ambit.

Purvi Modi pays 17 crores to Probe Agency: Turned an approver

Faara Nadeem — Thu, 01 Jul 2021 14:33:40 +0000

From her London bank account today, Nirav Modi’s sister pays ₹17.5 crores to the Enforcement Directorate. She turned an approver in the Punjab National Bank fraud case, says officials.

Purvi Modi who is Nirav Modi’s sister is a Belgian national while her husband Maiank Mehta is a British citizen.

She and her husband Maiank Mehta, in their ₹ 13,500 crore bank fraud were “granted pardon” after their applications were supported by probe agency on 4 January, according to officials. The were granted a pardon after she agreed to help the probe agency in their investigation.

In a statement by news agency PTI, the Enforcement Directorate agency said, “On June 24, Purvi Modi intimated Enforcement Directorate that she had received the knowledge of one bank account in London, United Kingdom, in her name, which was opened at the behest of her brother Nirav Modi and that the funds did not belong to her.”

The statement further added that Purvi Modi was allowed tender of pardon on conditions of making full and true disclosure. An amount of $23,16,889 was remitted from her UK bank account to the bank account of the government of India, Directorate of Enforcement.

Official added relating to the information in the case that she has to make full and true disclosures as per the conditions.

ED tranfers banks ₹9,371.17 Cr assets seized from Vijay Mallya, Nirav Modi and Mehul Choksi

Aryan Jakhar — Wed, 23 Jun 2021 11:11:42 +0000

The Enforcement Directorate (ED) on Tuesday transferred assets worth ₹8,441 crore to banks who had suffered huge losses due to frauds done by Vijay Mallya, Nirav Modi and Mehul Choksi. The three fugitives cheated the public sector banks of ₹22,586 crore, out of which 80.45% (₹18,170 crore) has been seized by the ED, the agency said by tweeting on twitter.

With the latest transfer, assets worth ₹9,371 crore have been handed over to the banks so far, which amounts to 40% of their losses, ED said. These include assets worth ₹329.67 crore that were confiscated, the agency further added.

ED not only attached/ seized assets worth of Rs. 18,170.02 crore (80.45% of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs. 9371.17 Crore to the PSBs and
Central Government.

— ED (@dir_ed) June 23, 2021

The investigation done by ED, revealed that the three accused used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks, it said.

The agency also added “extradition requests have been sent to countries where the three accused are living. While Mallya and Modi live in London (United Kingdom), Mehul Choksi chose Antigua and Barbuda after running away from India.’

Mallya has been denied permission to file any appeal in the UK Supreme Court, which has made his extradition to India almost final. While Modi’s extradition to India has also been cleared that Mehul Choksi is fighting a legal battle in Antigua

Vijay Mallya and Nirav Modi have been declared fugitive economic offenders by PMLA court in India.

Nirav Modi was arrested on March 19, 2019 in London (the UK) and after he was arrested he was produced in Westminster Court, and was lodged at London’s Wandsworth Prison. From the prison, he appeared on the hearings via video link as the case went on for years. Once the case gets over in London, Nirav Modi will be kept at Mumbai’s Arthur Road Jail, which kept a special cell ready for him at barrack 12. If he get lodged in this barrack, earlier prepared for Vijay Mallya, Nirav Modi is likely to get his personal space of three square meters, where a cotton mat, pillow, bedsheet and blanket will be provided, sources said.

UK government approves Nirav Modi’s extradition

Shreejit Shelar — Fri, 16 Apr 2021 21:11:46 +0000

The United Kingdom’s Home Secretary Priti Patel signed scam-accused billionaire Nirav Modi’s extradition, a Central Bureau of Investigation official said on Friday, reported news agency ANI.

The fugitive diamond merchant is wanted in India on the charges of fraud and money-laundering – arrested in March 2019 in London and charged with money laundering and defrauding a bank of more than Rs 11,000 crore.

He had allegedly perpetrated the fraud in the Punjab National Bank (PNB) in collusion with his uncle Mehul Choksi.

Back in February, a UK court had reportedly ordered his extradition to India to stand trial after dismissing arguments of his “mental health concerns,” saying they are not unusual in a man in his circumstances.

“I do not accept that Nirav Modi was involved in a legitimate business. I find no genuine transactions and believe there is a process of dishonesty,” the judge said, as reported by NDTV.

The judge continued, “Many of these are a matter for trial in India. I am satisfied again that there is evidence he could be convicted. Prima facie there is a case of money laundering.”

The findings of the court were sent to the UK Home Department as per which it cleared the extradition.

Nirav Modi was once a celebrity jeweller to movie stars in India and abroad. He was arrested in 2019 from a metro station in London on an extradition warrant and was repeatedly denied bail as he was seen as a flight risk.

Hyderabad based Transstroy Ltd booked by CBI for Rs 7,926 crore bank fraud

Sarthak Yadav — Fri, 18 Dec 2020 17:49:22 +0000

Today, Transstroy (India) Ltd and its directors have been booked by CBI for alleged bank fraud of over ₹7,926 crore in a consortium led by Canara Bank.

The alleged Hyderabad based entity and its directors had availed credit facilities on multiple banking arrangements. They are said to have done the biggest banking scam in the country so far surpassing the amount misappropriated by Nirav Modi.

The agency carried out searches at the premises of the company and the accused directors which led to the recovery of incriminating documents.

Chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish are listed by CBI in the FIR.

CBI spokesperson R K Gaur said, “The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round tripping of funds, etc.”

The Central Bureau of Investigation (CBI) has alleged that loans were misappropriated by the directors causing a loss of ₹7,926.01 crore to the consortium members.

List of billionaires who have declared bankruptcy

Divyaleen Manchanda — Thu, 05 Nov 2020 14:49:20 +0000

Billionaires live a life earned by them along with their success but some of them saw their success turn into failure. Their journey from riches to rags became as famous as their journey from rags to riches. Many billionaires lived the best time of their lives but they failed. They created wealth but have now declared bankruptcy.

Here is a list of some billionaires who have declared bankruptcy.

1. Pramod Mittal

In 2013, Pramod Mittal threw a big fat wedding for his daughter which cost him Rs 505 crores. In 2020, he was declared the “most bankrupt man” by the London High Court. He owes £2.5 billion to a lot of people including his family. Recently, the Times of India reported that “Pramod Mittal’s creditors have agreed to his proposal of IVA (individual voluntary arrangement), in which he will now have to pay only $4.4 million (nearly ₹42 crores) of the total amount he owes them.”

2. Nirav Modi

Nirav Modi and his uncle were accused of scamming the Punjab National Bank of nearly Rs 13,000 crores. In 2018, three companies of Nirav Modi filed for bankruptcy. In 2020, many personal possessions of Nirav Modi were auctioned which included his Rolls Royce and a unique painting by MF Hussain.

3. Anil Ambani

Anil Ambani is the brother of India’s richest man and he is about to declare bankruptcy. Last year, Reliance Communications had filed for bankruptcy. According to the Indian Express, he has failed to repay the loans he took from three Chinese banks (₹6,882 crores) and a loan of ₹1,200 crores from the State Bank of India. Anil Ambani said, “My net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

4. Vijay Mallya

Vijay Mallya owes many banks an amount of Rs 9000 crores. He had taken this loan to save his Kingfisher flights from failing. Kingfisher is not functional anymore. As reported by Bloomberg, “As many as 12 Indian banks filed a petition for Vijay Mallya to be declared bankrupt.” The Economic Times reported, “Recently the London High Court gave him a bankruptcy reprieve stating that he should be given time to first settle his petitions in the Indian courts.”

5. BR Shetty

There was a time when BR Shetty owned vintage cars, private jet and two floors of Burj Khalifa. But now, the tables have turned. BR Shetty was the founder of NMC Health and he was accused of fraudulent financial practices. His company, NMC Health, has declared bankruptcy. NMC Health had an undisclosed debt of $6.6 billion.

Interpol issues global arrest warrant against Ami Modi in PNB scam case

Anjana Krishna — Tue, 25 Aug 2020 12:34:44 +0000

Interpol issued a global arrest warrant against Ami Modi, wife of Nirav Modi, the prime accused in the $2 billion PNB fraud case for money-laundering charges on Tuesday. The ‘red notice’ was issued at the request of Enforcement Directorate (ED), said officials.

Ami Modi has been charged with conspiracy and money-laundering charges with her husband Nirav Modi under the Prevention of Money Laundering Act over the $2 billion bank fraud at PNB branch in Mumbai. Ami is said to have fled the country in 2018 after the scam involving fake guarantees in the name of a state-run PNB to secure overseas loans was exposed. With the global arrest warrant issued, she can be now arrested or detained in 192 countries and then extradited to India. She was last seen in the U.S. in 2019.

Nirav Modi was declared a fugitive economic offender by a Mumbai court earlier this year and is currently lodged in a UK jail after being arrested in March 2019 and is fighting extradition to India. Rs 329 crore worth of Modi’s assets were confiscated after the court order. Modi’s uncle Mehul Choksi, the second accused who swindled over Rs 7080 crore is staying in Antigua to escape the legal proceedings.

Red Corner Notices have also been served against Nirav’s brother Nehal Modi who is a Belgian citizen and his sister Purvi Modi.