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Updated March 20th, 2019 at 15:41 IST

'The process of extradition is on', say CBI sources after UK police arrests Nirav Modi

In a massive development concerning the absconding economic fugitive Nirav Modi, the UK police on March 19 arrested the diamantaire​​​​​​​ on behalf of the Indian investigative agencies

Reported by: Narayan R
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In a massive development concerning the absconding economic fugitive Nirav Modi, the UK police on March 19 arrested the diamantaire on behalf of the Indian investigative agencies.

Just moments after his arrest was officially confirmed, sources within the CBI, one of the agencies investigating the case, have told Republic TV that the extradition process against Nirav Modi is on, and that the hearing of the case will take place late in May.

"The process for extradition of Nirav Modi is on. We will assist Crown Prosecution Service. Next date of hearing is 25th May. We have been informed of the arrest," said the sources.

The UK police released a statement on Wednesday regarding the arrest of Nirav Modi, saying he was officially arrested on Tuesday itself. It is reported that the iamantaire will be produced in front of the Westminster Magistrates court at 3:30 pm on Wednesday.

The Enforcement Directorate, which has been pursuing the case, has confirmed the massive development. "Fugitive diamond merchant Nirav Modi arrested in London, to be produced in court later today," the agency said.

READ: BIG Diplomatic Win For India: Nirav Modi Arrested In London; To Be Produced At The Westminster Court

Just over a week ago, Nirav Modi was caught roaming on the UK street by a British daily. Following that, ED sources said that the UK authorities took note of India's extradition request of 2018 and ordered the court to initiate legal proceedings against the fugitive absconder.

The ED and the CBI are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed last year.

On January 31, the CBI registered an FIR against Nirav Modi, his wife Ami Modi, uncle (and Gitanjali Gems Ltd's MD) Mehul Choksi, Gokulnath Shetty -- a now-retired PNB deputy manager, and others, based on a complaint by a PNB officer named Avneesh Nepalia. The complaint alleged that the Punjab National Bank had been defrauded to the tune of Rs 280 crores.

PNB subsequently initiated a probe and said in a regulatory filing on Thursday that it had discovered unauthorised transactions totalling Rs. 11,400 crore.

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Published March 20th, 2019 at 15:24 IST

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