Nirav Modi: Indian diamond billionaire loses enchantment in opposition to extradition from UK


London
CNN
 — 

A London court docket on Wednesday rejected an enchantment from Indian billionaire Nirav Modi in opposition to his extradition from the UK to India to face prices of fraud and cash laundering.

British police arrested the diamond vendor in 2019 in London over his alleged involvement in a financial institution fraud that could possibly be value $2 billion.

Modi’s attorneys final 12 months challenged a court docket order permitting the British authorities to extradite the fugitive businessman, citing his psychological well being and threat of suicide.

London’s Excessive Courtroom dismissed the enchantment on Wednesday, saying Modi’s threat of suicide doesn’t rule out his extradition.

Justice Jeremy Stuart-Smith, one of many two judges, mentioned that they had been “far from satisfied that Mr Modi’s mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him,” in response to the court docket ruling.

“On the basis of the assurances that the (Indian government) has given, we accept that there will be suitable medical provision and an appropriate plan in place for the management and medical care of Mr Modi, which will be provided in the knowledge that he is a suicide risk,” the judges mentioned.

Modi’s alleged fraud first got here to mild in 2018 when Punjab Nationwide Financial institution, one among India’s largest banks, reported fraudulent exercise at one among its branches.

India then issued an Interpol Pink Discover for Modi’s arrest and London authorities had been requested to execute it. The Indian overseas ministry mentioned in a press release on the time that it welcomed the arrest, and would search to extradite Modi as quickly as attainable.

Modi and officers on the financial institution allegedly issued fraudulent Letters of Undertakings to abroad banks to acquire purchaser’s credit score, in response to India’s Central Bureau of Investigation (CBI).

Forbes as soon as ranked Modi as India’s eighty fifth richest man, with a web value of $1.8 billion.

CNN has reached out to his lawyer after the court docket’s determination on Wednesday however is but to listen to again.

Modi, who stays at Wandsworth Jail in London, can problem Wednesday’s court docket ruling on the UK Supreme Courtroom.