Nirav Modi, the fugitive Indian diamond merchant, has claimed that he has no money and will have to borrow funds to pay the fine ordered by the UK Court. Last year, he lost his legal battle in the highest UK court against being extradited to India in the $2 billion Punjab National bank (PNB) loan scam.
Currently, Nirav Modi is at Wandsworth Prison in southwest London, but his case is now said to be "statute barred," indicating further pending litigation. On Thursday, he appeared via videolink for a hearing at Barkingside Magistrates' Court in east London over unpaid legal costs, or fines, of 150,247 pounds ordered by the High Court in London.
According to reports, Nirav Modi has stated that he lacks the funds to pay the court-ordered legal fees, which exceed 150,000 pounds (₹1,48,05,222), and is currently borrowing money. During a court appearance, he informed the court that he has had to borrow money because his assets have been frozen by the Indian government and he does not have enough funds.
In December of the previous year, Nirav Modi's request for permission to appeal to the Supreme Court on the grounds of suicide risk was denied by a two-judge bench at the Royal Courts of Justice in London. Furthermore, his application to certify a point of law was also rejected, effectively closing his extradition appeal options in the UK courts.
During the final extradition appeal hearing in the London High Court in November 2022, Justices Jeremy Stuart-Smith and Robert Jay concluded that Mr. Modi's mental state and suicide risk did not constitute reasons to prevent his extradition, as they were not convinced it would be unjust or oppressive. Furthermore, they acknowledged the Indian government's assurance to provide adequate medical attention to Nirav after he is extradited and detained at Barrack 12 of Arthur Road Jail in Mumbai.
Nirav Modi's appeal was rejected three years after he was detained in March 2019. He was detained on an extradition warrant due to charges made by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) against him. The businessman is facing three separate criminal proceedings in India. These include the CBI's case of fraud against the PNB, which caused losses exceeding 700 million pounds, the ED's case related to alleged laundering of the proceeds from that fraud, and a third set of criminal proceedings relating to claims of interference with evidence and witnesses in the CBI case.
Nirav Modi is in prison because after he was arrested in March 2019 on an extradition warrant based on Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) charges against him for his alleged involvement in the $2 billion Punjab National Bank (PNB) loan scam.
