Nirav Modi Gets A Setback From The US Court
Nirav Modi gets a setback from the US court, dismisses the plea of fugitive coronary and his associates.
India’s fugitive diamond trader Nirav Modi has not gotten relief from the US court.
In a setback to Nirav Modi, the court rejected the plea of the fugitive diamantaire and two of his associates seeking quashing of fraud charges leveled against them by a trustee of three companies.
Nirav Modi, lodged in a UK jail, is challenging India’s efforts to extradite him to face charges of fraud and money laundering in the Punjab National Bank (PNB) scam case.
Let us tell you that Richard Levine, a court-appointed trustee of three American companies Firestar Diamond, Fantasy Inc, and A Jeff, made these allegations in a New York court.
Earlier these three companies were indirectly owned by 50-year-old Nirav Modi.
Levin also sought a minimum compensation of $15 million for the damages caused to the lenders to Modi and his associates Mihir Bhansali and Ajay Gandhi.
Judge Sean H Lane of a New York court hearing bankruptcy cases issued the order on Friday, in a setback to India’s fugitive diamond merchant and his associates.
Indian-American lawyer Ravi Batra told the news agency, “The court, in a clear judgment, has rejected the plea of accused Nirav Modi, Mahir Bhansali, and Ajay Gandhi, seeking to dismiss the amended complaint of American Trustee Richard Levine.”
Giving details about the court’s order, Batra said that Nirav Modi, by planning to defraud Punjab National Bank and others to the tune of $1 billion.
To wrongly increase the share price of the company, reclaimed profits in the form of additional sales in the company itself.
But they got involved in another fraud to hide the money received from their companies through bank fraud and to hide the withdrawal of funds for their personal gain and they made it look like it was a normal business transaction.
According to the court order, Levin’s petition has sought compensation for damages caused to the borrowers and their assets by Nirav Modi and his associates as a result of Nirav Modi’s six-year international fraud, money laundering, and embezzlement conspiracy.
Meanwhile, Britain’s Crown Prosecution Service (CPS) said in August that it was reviewing the London High Court’s decision to allow the diamond trader to appeal against the order to extradite Nirav Modi to the Indian government.
The CPS, representing the Indian authorities in the court, said the appeal could be heard on two grounds, including the mental health of the diamond trader.
