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PNB scam: Nirav Modi likely to be arrested soon as UK's Westminster Court issues warrant against him

United Kingdom's Westminster Court has issued an arrest warrant against fugitive diamantaire Nirav Modi, accused in the $2 billion PNB fraud case, in response to an ED request for his extradition in a money laundering case, according to media reports.

Arrest warrant issued against Nirav Modi by London Court and he is to be produced in court on 25 March, said CNN-News18 in a tweet.

According to a UK media report last week, Nirav Modi is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost 17,000 pounds a month.

According to investigating agencies,  Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

These LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Nirav Modi since March 2011 till the fraud came to light in January 2018, the agencies have said.

Modi, Choksi and other accused are facing charges under the PMLA Act and the Indian Penal Code in the fraud case which is being probed by multiple agencies, including the ED.

Lookout notice against Modi's wife, Ami

A special court in Mumbai on Friday issued a non-bailable warrant (NBW) against Modi's wife, Ami.

The warrant against Ami Modi was issued by Special Prevention of Money Laundering Act (PMLA) Judge M S Azmi after he took cognisance of the supplementary chargesheet filed by the Enforcement Directorate (ED) against Nirav Modi (48) and other accused a few days ago.

The financial crime probe agency has alleged that Ami Modi used an international bank account to move $30 million, suspected to be proceeds of the scam.

The funds were used to buy property located in New York's Central Park, the ED has said.

In its supplementary chargesheet, the agency has recorded additional evidences gathered in the case and attachments made.

(With PTI inputs)

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Updated Date: Mar 18, 2019 20:56:45 IST

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