LONDON: Absconding billionaire jeweller Nirav Modi will discover out at Westminster magistrates’ courtroom on February 25 whether or not he shall be extradited to India.
District Judge Samuel Mark Goozee remanded Nirav on Friday in custody till February fifth when he could have a short call-over listening to.
On the final day of closing submissions in courtroom, Helen Malcolm QC, representing the Indian authorities, ran over allegations of the case in opposition to the 49-year-old, which have been that he perpetuated a large-scale fraud on Punjab National Bank in conspiracy with a few of its financial institution employees, and that he laundered the proceeds of that fraud.
“Letters of Undertaking were issued for wholly worthless trade, in fact bogus trade, with companies that were part of Modi’s group. Large parts of the sums of the LOUs were used to repay earlier LOUs that were not the allowed purpose. Vast sums were siphoned off through dummy companies to Nirav himself and members of his family,” she added.
“These were the actions of not just a dishonest but a desperate man to evade investigation,” Malcom mentioned, alleging that Nirav then interfered with the CBI investigation by eradicating unique paperwork from his corporations to a regulation agency, Cyril Amarchand Mangaldas, forcibly moved dummy administrators from his Dubai corporations to Cairo, the place they have been held them in opposition to their will and pressured to signal false statements. She additionally alleged Nirav’s brother Nehal supplied a £2,000 bribe to one of many administrators, Ashish Lad, to present proof in Europe in Nirav’s favour and that in a cellphone name Nirav threatened to kill Ashish Lad. ”
“As soon as one starts going back into evidence you get drawn into more evidence of dishonesty,” she mentioned.
Clare Montgomery QC, representing Nirav, mentioned Malcolm’s declare that there was round buying and selling or that the dummy corporations have been managed by Nirav “doesn’t matter as that is not the basis of the charge of fraud and nor does it matter if Nirav benefits from that process”. She added that money-laundering claims alleged by the ED have been “unsubstantiated”.
“Throughout this relationship the availability of LOUs was authorised, it did not require security to be available at the point of the LOU being issued, and that activity was placed perfectly openly,” she mentioned.
Montgomery referred to submissions by ex excessive courtroom decide Justice Abhay Thipsay who mentioned that the alleged offences in Cairo had taken place exterior India and “that without special authority to prosecute for extra-territorial conduct this conduct would not be punishable In India”. Thipsay additionally wrote in his submissions that the fraud fees wouldn’t rise up in India as “Indian law requires in a case of cheating that there is deception, and there isn’t”.
“Asking a firm of lawyers to copy and analyse documents cannot perverse the course of justice provided he did not ask the law firm to destroy them,” she mentioned, including that the dummy administrators in Cairo have been there on account of recommendation they’d been given and “what was said to them was not capable of amounting to an act that could pervert the course of justice.” And on the menace to kill, she mentioned: “It may amount to a threat to kill possibly under Egyptian law, but no intent to pervert the course of justice.”
But Malcolm instructed the decide: “The chargesheets were issued by a judge in India. It’s not for this court to start double guessing what is or isn’t an offence in India.”