PNB Fraud: Prime accused Nirav Modi’s remote extradition trial on 11th May 2020

PNB Fraud worth more than Rs.13,000 crore is one of a noteworthy financial fraud that took place in India. With the help of few bank executive how Rs.13,000 crore Siphoned off from Punjab National Bank was a great concern for every Indian depositor who trust on Public sector or Private sector banks in India. During Congress government lot of such scams happened without the notice of Reserve Bank of India and Enforcement directorate.

Now so many such massive bank frauds are coming in limelight. YES BANK and Rana Kapoor Scam saga, PMC Bank Scam, DHFL scam, INX media case against former Union Minister P. Chidambaram or D. K. Sivakumar money-laundering case are the most notorious scams came to lime light in recent past and shook trust of shareholders and public. Millions of shareholders suffered the burnt of losing their hard-earned money on these banks and companies which could not protect their money.

Now it’s a time to have stringent actions against these financial frauds. Nirav Modi, Prime accused of PNB scam ran away from India due to fear of imprisonment but Indian government with the help of ED – Enforcement directorate trying their best to extradite him from UK. UK court has extended Judicial remand of Fugitive diamond merchant Nirav Modi on charges of USD 2 billion PNB (Punjab National Bank) Fraud and money laundering case. Court hearing was supposed to take place on April 28th, but due Corona Pandemic date was extended to 11th May 2020.

A 5-day Trial From 11th May 2020 to 15th May 2020 on Nirav Modi’s remote extradition will take place.

There will be two sets of criminal proceedings against him, the first is on PNB ( Punjab National Bank Fraud) brought by Indian Central Bureau of Investigation ( CBI) and the second is brought by ED on laundering of that money from Indian with the help of Letter of credits and loan agreements.

there will be a series of Trial and hopefully Indian Government will able to extradite Nirav Modi from UK, there is a high possibility that Nirav Modi will be land himself in Indian Jail in 2021.

Nirav Modi’s Twitter Handle has a recent update where he said he supports CAB and NRC.
In another tweet in 2018 he mentioned that he will return the loan money.

By : | Category : News| Sub Category : International News|Date : May 08,2020

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