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Mumbai, May 8 () The Bombay High Court on Fridayrejected temporary bail to Hemant Bhatt, an accused in themulti-crore Punjab National Bank (PNB) scam, after noting thatthe 66-year-old has tested positive for novel coronavirus atArthur Road jail in central Mumbai.Justice Bharati Dangre rejected Bhatt's plea after theprosecution told the court that a COVID-19 patient cannot beallowed to be freed on temporary bail.The court said jail authorities shall provide allmedical facilities to Bhatt.Bhatt had, last month, approached HC seeking temporarybail on the ground that he is a senior citizen with chronicheart ailment and, hence, there was a risk of being infectedwith coronavirus.The court had on May 6, while hearing Bhatt'sapplication, directed the police to inform the court about thesituation at Arthur Road prison.Additional public prosecutor Shahaji Shinde, onFriday, informed the court that a number of inmates at ArthurRoad prison and some staff members had tested positive forcoronavirus, and Bhatt was one of them.Bhatt, an authorised signatory in diamond businessmanand fugitive economic offender Nirav Modi's company, has beenbooked by CBI on charges of cheating and fraud in connectionwith the PNB scam.He is also facing money laundering charges initiatedby Enforcement Directorate. SPBNM BNM

Virus: HC rejects bail of PNB scam accused who tested positive

A special court here on Thursday declared diamond businessman <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate. He is the second businessman after liquor tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year. Special PMLA court Judge V C Barde declared Nirav Modi a fugitive economic offender after hearing extensive arguments of lawyers of the diamantaire and the Enforcement Directorate (ED). Nirav Modi had earlier urged the court here to set aside the ED's plea to declare him an FEO. Modi and his uncle Mehul Choksi are the main accused in the <keyword id="6242396" type="UNKNOWN" weightage="20" keywordseo="PNB-scam">PNB scam</keyword> and they both left India before details of the fraud came to light in January 2018. Nirav Modi was arrested in London in March this year and his extradition process is pending. In July 2018, the central agency filed an application under the newly-promulgated FEO Act to declare him a fugitive economic offender. His lawyer earlier claimed that the ED was relying on evidence and statements recorded under the Prevention of Money Laundering (PMLA) Act to seek a remedy under the FEO Act. This was not permissible under the FEO Act, he said. As per the investigating agency, Nirav Modi and his uncle Choksi, in connivance with certain bank officials, allegedly cheated the 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 <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> branch of the PNB to the group of companies belonging to Nirav Modi since March 2011, till the case came to light. Under the FEO Act, a person can be declared a fugitive economic offender if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.

Nirav Modi declared fugitive economic offender by a Mumbai court

<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


<h1 style="line-height:1.44;margin-top:0pt;margin-bottom:8pt;border-bottom:solid #eeeeee 0.75pt;background-color:#ffffff;padding:0pt 0pt 15pt 0pt;"> </h1>

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

<ul><li>The income tax department of India recovered ₹ 548 million from the paintings owned by <keyword id="6242396" type="UNKNOWN" weightage="20" keywordseo="PNB-scam">PNB scam</keyword> accused Nirav Modi. </li><li>The department targeted a value of ₹970 million from the auction event held in Mumbai. </li><li>Camelot Enterprises, Nirav Modi’s company has filed a petition in the Bombay High Court for auctioning the paintings — calling the move unlawful.</li></ul>A few days ago, Punjab National Bank(PNB) scam accused Nirav Modi was arrested in London. The income tax department of India, today, auctioned the seized artwork paintings at the Saffron Art Gallery in Mumbai. <a href="https://www.indiatoday.in/india/story/nirav-modi-paintings-go-under-hammer-fetch-over-rs-54-crore-for-income-tax-department-1487311-2019-03-27">According to media reports</a>, the government recovered nearly ₹548 million by selling 55 of the 68 paintings during the bidding session that went on for more than two hours. However, the income tax department expected to recover ₹970 million from the event. The collection, in total, fetched ₹609 million. The auction included bidders from London, New York and New Delhi among others, bidding online for the paintings. As the auction took place, on Wednesday, Camelot Enterprises. Nirav Modi’s company, has filed a petition against the auction of paintings in the Bombay High Court calling the move unlawful. The company also said a few of those paintings are actually company’s assets, demanding to restrict the auction. Ranging from thousands to millions, the paintings were the artwork by renowned Indian painters including Raja Ravi Verma, FN Souza, Jogen Chowdhury, VS Gaitonde and Akbar Padamsee. For instance, Raja Ravi Verma’s oil on canvas from 1881 was sold at ₹140 million. Of the 55 painting sold during the auction, the highest amount fetched from a painting was recorded at ₹220 million and nearly 10 paintings touched the ₹<a href="https://indianexpress.com/article/india/nirav-modi-in-london-prison-his-art-under-mumbai-hammer-i-t-recovers-rs-54-8-crore-5644486/">10 million mark</a>. While, the 13 unsold paintings include a few by Chinese painters including a Miao Xiaochun piece. The paintings were sold at a Goods &amp; Services Tax (GST) of 12% along with a 15% commission for the auction house. Nirav Modi’s legal team is expected to file the second bail application in the UK court on Friday since he denied the first bail application on March 20. The CBI will send a team to Londom for the hearing on 29 March, ANI reported. Earlier, the ED reportedly <a href="https://www.businessinsider.in/nirav-modi-arrested-in-london/articleshow/68496650.cms">seized around</a> ₹6.4 billion from Nirav Modi’s assets including his property, bank deposits and jewellery. See also: <a href="https://www.businessinsider.in/nirav-modi-arrested-in-london/articleshow/68496650.cms">Here’s how the 13-month chase for Nirav Modi came to an end</a> <a href="https://www.businessinsider.in/india-presses-new-charges-against-diamond-merchant-nirav-modi-and-wife-ami-in-alleged-money-laundering-case/articleshow/68367950.cms">India presses new charges against diamond merchant Nirav Modi and wife Ami in alleged money laundering case</a>

India has seized over ₹548 million worth of paintings from Nirav Modi’s art collection including prized work by VS Gaitonde

The UK Supreme Court on Thursday denied fugitive diamantaire <keyword id="571991" type="General" weightage="80" keywordseo="nirav-modi" source="Orion">Nirav Modi</keyword>'s plea against his extradition to <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Modi lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the UK's Supreme Court. "The appellant's application for permission to appeal to the Supreme Court is refused," Lord justice Stuart Smith said in his statement. The diamantaire, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has argued there is a high risk of suicide if he is extradited. In November, <keyword id="740578" type="General" weightage="100" keywordseo="nirav" source="Orion">Nirav</keyword> Modi filed an application before the UK High Court for permission to appeal against his extradition to India in the UK Supreme Court. He lost the appeal on Thursday to take his fight against extradition to the UK Supreme Court. Nirav Modi reportedly filed an application in the High Court in London, seeking permission to appeal against his extradition order, two weeks after a UK court dismissed his plea against extradition back to India. On November 9, Nirav Modi lost his appeal against extradition to India with a United Kingdom court dismissing his plea. Earlier, the High Court of London (United Kingdom) dismissed the appeal of Nirav Modi, who is wanted in India to face money laundering and fraud cases. The Ministry of External Affairs (MEA) later welcomed the UK High Court's decision to reject Nirav's plea. "India has been vigorously pursuing the extradition of economic fugitives so that they face justice in India. We welcome the decision of the UK High Court. We want to bring him to India as soon as possible," said MEA spokesperson Arindam Bagchi during a press conference. Nirav Modi, who is a prime accused in the Rs 13,500 crore PNB scam, had fled India. He lost his appeal after he had moved the High Court in London against extradition on mental health grounds. The bench of Justice Stuart Smith and Justice Robert Jay of the High Court said there are "no features of psychotic illness". The court rejected Nirav Modi's counsel's claims that he will die by suicide due to severe depression and said "Nirav Modi neither is nor is very likely to be at the most severe end of the scale of depressive illness". "He has so far displayed no features of psychotic illness. Although he has exhibited persistent suicidal ideation, he has neither attempted suicide or deliberate self-harm nor disclosed plans to do so, except in the vaguest and general way," the court said. The High Court also noted the steps taken to render Barrack 12 safe and to ensure that there is effective constant monitoring to reduce both the risk of attempted suicide and the prospect of suicide being committed. The court noted that the Government of India sought the appellant, Nirav Deepak Modi. Nirav Modi last year had moved the UK High Court against District Judge Sam Goozee's Westminster Magistrate Court ruling in favour of his extradition. He is presently behind bars at Wandsworth Prison in southeast London. SEE ALSO: <a href="https://www.businessinsider.in/international/news/fugitive-diamantaire-nirav-modi-seeks-permission-to-appeal-against-his-extradition-in-uk-top-court/articleshow/95729459.cms">Fugitive diamantaire Nirav Modi seeks permission to appeal against his extradition in UK top court</a> <a href="https://www.businessinsider.in/india/news/nirav-modi-can-be-brought-to-india-as-uk-judge-says-arthur-road-jail-is-fit-for-the-fugitive-diamantaire/slidelist/81210055.cms">Nirav Modi can be brought to India as UK judge says Arthur Road Jail is fit for the fugitive diamantaire</a> <a href="https://www.businessinsider.in/international/news/how-nirav-modis-brother-nehal-modi-ran-another-diamond-racket-in-new-york/articleshow/79835107.cms">How Nirav Modi's brother Nehal Modi ran another diamond racket in New York</a>

Fugitive diamantaire Nirav Modi loses bid in UK court against extradition to India

Finding no takers for fugitive diamantaire Nirav D. <keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword>'s one property, its price has been slashed and the <keyword id="380718" type="General" weightage="80" keywordseo="drt" source="Orion">DRT</keyword> has ordered its re-auction, along with certain other prime assets, in one of the cases pertaining to the Punjab National Bank (PNB) scam. Last week, the DRT-I Recovery Officer Ajeet Tripathi put up the <keyword id="14764280" type="General" weightage="50" keywordseo="hcl-house" source="Orion">HCL House</keyword> in Marol for e-auction - plus three other lots of properties - to recover a portion of the outstanding of a staggering Rs 22,13,16,39,411. When it went on the block in September 2022, the unsold HCL House, comprising the entire building with the land, carried a reserve price tag of Rs 52 crore, which has now been slashed to Rs 40 crore, as per the DRT-I announcement. Besides, the DRT-I has put on the auction block other assets of Modi, including Offices No. 2001-2002 on the 20th floor of the posh Peninsula Park B in Lower Parel with a reserve price of Rs 66 crore, plus over Rs 1.72 crore outstanding maintenance dues till December 2021. Another property of Modi, the 6th floor of the Mafatlal Centre in Nariman Point along with four parking slots will also go under the e-hammer with a reserve price of Rs 62 crore, besides unpaid maintenance charges for five years coming to over Rs 1.17 crore till May 2022. Modi's huge residential 4-BHK flat in Grosvenor House at Peddar Road is going up for auction sale with a reserve price of Rs 15.87 crore, further details of which are not available. Modi also has another address in the prestigious Al Shera Towers, Dubai. The encumbrances or outstandings of HCL House and Grosvenor House are not known and all the properties shall be auctioned off on the basis of 'as is where is' and 'as is what is'. The e-auction is scheduled for February 10 - a week after the DRT-I ordered the sale of Modi's two tony flats in the YOOPUNE housing scheme in Pune, valued at a total of Rs 18 crore, on February 3. In the fresh auction list concerning PNB versus Firestar International Ltd, the names figured are Modi and his group companies like Bentley Properties Pvt. Ltd., MAK Business Enterprises Pvt. Ltd., ANM Enterprises Pvt. Ltd., NDM Enterprises Pvt. Ltd., Neeshal Trading Pvt. Ltd. -- all operating from a common address at Opera House. The other companies are: Firestone Trading Pvt. Ltd., Paundra Enterprises Pvt. Ltd. and Radashir Jewellery Co. Ltd. - all registered in a single address at the Bharat <keyword id="450322" type="General" weightage="50" keywordseo="diamond-bourse" source="Orion">Diamond Bourse</keyword> (BDB) in <keyword id="102951" type="General" weightage="50" keywordseo="bandra-kurla-complex" source="Orion">Bandra Kurla Complex</keyword>. The February 3 and 10 e-auctions may help the PNB and a consortium of around 15 banks to recover a minuscule portion of massive dues, pending for the past five years after the country's mega-banking scam was admitted by these banks in February 2018. After the PNB's complaint on the scam, estimated at over Rs 14,000 crore, the Central Bureau of Investigation (CBI) registered the first offence in January 2018 - but by then Modi, his wife <keyword id="9041" type="General" weightage="50" keywordseo="ami" source="Orion">Ami</keyword> and other accused had already fled India. Later, other probe agencies like Enforcement Directorate (ED) and Income Tax Department (ITD) entered the picture targeting the two prime accused - Modi and his maternal uncle Mehul C. Choksi - but both had flown the coop well before the scam erupted to shake the roots of the Indian banking sector. Later it came to light that Modi was holed up in London and Choksi has cosily settled as a citizen of Antigua &amp; Barbuda Isles, West Indies, and both are awaiting their extradition to India - expectedly soon. In the past, the ED-ITD had auctioned off certain movable and immovable assets - like properties, expensive paintings, artefacts, high-end vehicles, etc., - to recover small amounts of its dues. "Proclamation of Sale under Rules 38, 52(2) of the Second Schedule of the Income Tax Act, 1961, read with the Recovery of Debts Due to Bank and Financial Institutions Act, 1993," said the latest DRT-I order of January 5. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/india-holds-the-potential-to-build-100-adani-groups-says-gautam-adani/articleshow/96843556.cms">India holds the potential to build 100 Adani groups says Gautam Adani</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bombay-hc-grants-bail-to-chanda-and-deepak-kochhar-in-loan-fraud-case/articleshow/96847056.cms">Bombay HC grants bail to Chanda and Deepak Kochhar in loan fraud case</a>

Fugitive diamantaire Nirav Modi's property price slashed as it remains unsold, will go for re-auction in Feb

The Supreme Court on Tuesday suggested Mainak Mehta, the brother-in-law of fugitive diamantaire <keyword id="571991" type="General" weightage="20" keywordseo="Nirav-Modi" source="Orion">Nirav Modi</keyword> who is an accused in the <keyword id="62034" type="General" weightage="20" keywordseo="Punjab-National-Bank" source="Orion">Punjab National Bank</keyword> (<keyword id="47268" type="DOMAIN" weightage="20" keywordseo="pnb" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="pnb" meta.entityname="Punjab National Bank" meta.entityid="11585" meta.seoname="punjab-national-bank">PNB</keyword>) fraud case, to give a "letter of authority" to <keyword id="6354572" type="General" weightage="20" keywordseo="CBI" source="Orion">CBI</keyword> to access and probe his offshore bank accounts. The top court was hearing a CBI plea, filed through its Director, Banking Securities Fraud Branch, Mumbai, challenging the August 23, 2022 order of the Bombay High Court which had allowed Mehta to travel to Hong Kong and stay there for three months. The central probe agency has alleged Mehta received a large sum of money siphoned off in the <keyword id="8866433" type="General" weightage="20" keywordseo="PNB-fraud-scam" source="Orion">PNB fraud scam</keyword> and transferred them to his and his wife's offshore bank accounts. Mehta is a British national who lives in Hong Kong with his family and had come to India on September 8, 2021, for appearing in a Mumbai court. "What we suggest to you (counsel for Mehta) is that you give the letter of authority to an official designated by the CBI for accessing the bank details. The matter ends. Or, we will hear the SLP (special leave petition) of CBI dispassionately and decide it," the CJI said. "Are you willing to give the letter of authority? What we suggest is... either you accede to the request and give the letter of Authority to CBI. Alternatively, we will hear the matter," the bench said. It then listed the matter for hearing on February 9. At the outset, Additional Solicitor General SV Raju, appearing for the CBI, apprised the bench about the developments so far in the case. "The situation is, last time, I requested my learned friend (counsel for Mehta) to give us a letter of authority. It was refused. That is why we had to get letters rogatory (LRs) issued. No response on LR has been received. We have written to the embassy (in Singapore) to pursue it," the law officer said. "We apprehend that a huge amount of money has gone into those accounts. He is not giving us access to the account. He is a foreign national. His wife is a Belgian national. Once he leaves, he will not come back," he said. Senior advocate Amit Desai, appearing for Mehta, referred to records to say that he has been cooperating in the probe and was made an approver by the Enforcement Directorate in a money laundering case arising out of the PNB case. " I have been in India and away from home for a long. False allegations are made by the CBI. We have always co-operated. We have done everything. We are willing to give the letter of authority but then I will have to stay in India for another year. "The ED has said I am not a flight risk. I am only saying let me go for some time, I will come when needed. Travel application has become an investigation," Desai said. The senior lawyer said that he should be at least permitted to take part in an important business meeting in Dubai which is happening for the first time post-COVID-19. The bench, which seemed unconvinced, said that allowing Mehta to travel abroad would mean the dismissal of CBI's appeal without a hearing. "Once we do that, we are dismissing the SLP of CBI without hearing the matter. That cannot work," the CJI said, adding that the court cannot compel Mehta to give the letter of authority to the CBI. "We will allow you to reflect on our suggestion to give the letter to the CBI. Take it from us that if you do not give it, we will not hold it against you," the bench said while adjourning the hearing. Earlier, the top court had said that it will hear on January 31 the CBI's plea challenging the Bombay High Court order allowing Mehta to visit Hong Kong. The bench was informed by Mehta's lawyer that the letters rogatory (LR) to a Singapore court for obtaining evidence against Mehta were issued. Prior to this, the CBI had informed about the Union home ministry granting the sanction to move the special CBI court in Mumbai for issuance of LR to a Singapore court for obtaining evidence against Mehta. Letters Rogatory is a document making a request through a foreign court to obtain evidence from a person living under the territorial jurisdiction of the requested court within the ambit of the Mutual Legal Assistance Treaty (MLAT) and on the basis of reciprocity if no such treaty exists. The CBI has said Mehta is related to Nirav Modi, an accused in the multi-crore rupees PNB case, and he has not cooperated fully in the probe. The CBI had flagged issues with regard to non-disclosure by Mehta of transactions in bank accounts, including the one based in Singapore, and two transactions of USD 8.9 million and USD 1.8 million transferred by Modi's father. The probe agency had said Mehta should share the details with it after which he might be considered for travelling abroad. It has alleged an amount of USD 30 million was sent by Modi, which was diverted by Mehta, and said it needs to know the details. On August 23, 2022, the Bombay High Court dismissed the CBI's plea against an order of a special court dealing with cases lodged under the Prevention of Money Laundering Act (PMLA) that allowed Mehta to travel to Hong Kong. The CBI wanted a stay on the PMLA court order. The CBI had submitted in the high court that Mehta was not named as an accused in the case and his role in the PNB scam was yet to be ascertained for which he needed to be interrogated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-emerged-as-global-ma-hotspot-in-2022-bain-company-report/articleshow/97490051.cms">India emerged as global M&amp;A hotspot in 2022: Bain &amp; Company report</a>

SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts

Fugitive diamond merchant Nirav <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> was on Friday further remanded in custody during a routine call-over hearing held via videolink at Westminster Magistrates' Court in London. The 49-year-old jeweller, wanted in India on charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, is expected to appear again via videolink from his prison in south-west London for the next scheduled hearing in his ongoing extradition trial on November 3. "I am adjourning the case for the next hearing on November 3 in the extradition case that has been part heard," said District Judge Karim Ezzat. At the next hearing, the court will be presented with arguments to determine the admissibility of the evidence provided by the Indian authorities. There is at least one further final hearing in the case, expected either in December or early next year, for closing submissions by both sides. A judgment in the case is expected only after the closing submissions. Modi, meanwhile, remains at Wandsworth Prison, where he has been lodged since his arrest in March last year. At a five-day hearing held last month, Justice <keyword id="9208923" type="PERSON" weightage="20" keywordseo="samuel-goozee">Samuel Goozee</keyword> presided over arguments for and against the case for his extradition brought by the Central Bureau of Investigation (CBI) and <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED). The <keyword id="205997" type="COMPANY" weightage="20" keywordseo="Crown-Prosecution-Service">Crown Prosecution Service</keyword> (CPS), arguing on behalf of the Indian authorities, played videos in court in support of additional charges of Modi's disruption of the CBI's investigation by causing the disappearance of evidence and criminal intimidation of witnesses. Assurances of adequate prison conditions were also provided by the Indian government, including additional commitments of appropriate mental health care for Modi on being extradited. The defence team, led by barrister Clare Montgomery, sought to not only establish that Modi's actions related to PNB-issued letters of undertaking (LoUs) did not amount to fraud but also deposed witnesses to highlight his fragile mental health condition and a high risk of suicide. The defence has claimed that the conditions at Barrack 12 in <keyword id="6363226" type="LOCATION" weightage="20" keywordseo="Arthur-Road-Jail">Arthur Road Jail</keyword> in Mumbai, where Modi is to be held on being extradited, do not meet the UK court's human rights criteria. The first set of hearings in the case took place in May, with the hearings last month completing the process to establish a prima facie case and determine if the jeweller has a case to answer before the Indian courts. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-uk-economic-recovery-is-running-out-of-steam-gdp-grew-just-2-1-in-august-despite-government-support/articleshow/78570351.cms">The UK economic recovery is running out of steam - GDP grew just 2.1% in August despite government support</a>

Nirav Modi's remand extended for next extradition hearing on Nov 3

<keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, wanted in connection with the estimated USD 2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29. "It will be another short videolink call-over hearing and then there is just over a week before closing submissions in the case," she told Modi, who spoke only to confirm his name and date of birth. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later. At the last hearing in the case on November 3, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by <keyword id="443588" type="COMPANY" weightage="20" keywordseo="The-Central-Bureau-of-Investigation">the Central Bureau of Investigation</keyword> (CBI) and Enforcement Directorate (ED) and ruled that the evidence to establish a prima facie case of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> against the fugitive <keyword id="1105425" type="PERSON" weightage="20" keywordseo="Diamantaire">diamantaire</keyword> is broadly admissible. He concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. <keyword id="9347723" type="COMPANY" weightage="20" keywordseo="the-crown-prosecution-service">The Crown Prosecution Service</keyword> (CPS), arguing on behalf of the Indian authorities, had stressed that the evidence, including witness statements under Section 161 of the Indian Code of Criminal Procedure (CrPC), meets the required threshold for the UK court to determine whether Modi has a case to answer before the Indian judicial system. "The argument that this is a very specific case, distinguishable from Mallya is frankly nonsense," said CPS barrister Helen Malcolm. That Mallya has a case to answer in India in his fraud and money laundering case has cleared various levels of the UK judicial system and is currently undergoing a "confidential" legal issue before UK Home Secretary Priti Patel can consider signing off on his extradition. Modi's barrister, Clare Montgomery, who was also the defence counsel in Mallya's case, however, disputed that the Section 161 witness statements qualify as similar. "The government of India case is not as strong as it was in Mallya," said Montgomery, as she also raised a specific issue over a witness who was said to speak no English in his testimony for the CBI but signed a statement in English for the ED. Modi is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of "Letters of Understanding" (LOUs or loan agreements), and the ED case relating to the laundering of the proceeds of that fraud. He also faces two additional charges of "causing the disappearance of evidence" and intimidating witnesses or "criminal intimidation to cause death" added to the CBI case. The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down. The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB or LoUs. The CPS, on behalf of India, have told the court during the course of two separate set of hearings in May and September that a number of PNB staff conspired with Modi to ensure the LoUs were issued to his companies without ensuring they were subject to the required credit check, without recording the issuance of the LoUs and without charging the required commission upon the transactions. Modi's defence team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems and jewellery trade and that the LoUs were standard practice. His severe depression has also been raised as part of the arguments against extradition. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million – valuation doubles to $800 million for the just two-year old startup</a> <a href="https://www.businessinsider.in/science/space/news/new-technology-to-create-fuel-and-oxygen-on-mars-could-help-humans-explore-the-deep-sea-here-on-earth/articleshow/79504876.cms">New technology to create fuel and oxygen on Mars could help humans explore the deep sea here on Earth</a>

Nirav Modi's remand extended in UK, final hearings in 2021

New Delhi, Feb 27 () Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms, in connection with a massive fraud on state-run lender PNB. Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, who is also facing charges for defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request. In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. It quoted a communication from PNB that it had reported to the RBI total fraud of over Rs 11,394 crore in case of unauthorized issuance of LOUs, foreign letters of credit and inland letter of guarantees in the group accounts of Nirav Modi Group and Gitanjali Group and in the account of one Chandri Paper &amp; Allied Products Pvt Ltd. The overall fraud size is said to be even larger at over Rs 14,000 crore. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. Sebi has penalised the entities for failing to make various requisite disclosures. Gitanjali has not made disclosures regarding withdrawal of credit limits by PNB in view of the alleged fraud by the firm and its subsidiaries, the sudden obligation to repay Rs 1,045.88 crore within 10 days and subsequent developments in the matter. The firm also failed to make disclosures on various litigations and actions by enforcement agencies against it, its managing director and other senior managerial personnel to the stock exchanges and also failed to reply on various clarifications sought by the exchanges till date, Sebi said. In addition, no disclosure was made on resignation of director, company secretary and chief finance officer to the stock exchanges. No disclosures with respect to delay in payment of interest and principal amount for a period of more than three months from the due date and default in payment of interest and principal to LIC on NCDs was made. Sebi noted that LIC has exposure to the firm under secured non-convertible debentures (NCDs) for Rs 125 crore. Gitanjali had issued post-dated cheques which were payable up to July 2019. However, the company stopped making repayments from October 2017. The firm has "prima facie" defaulted on debt obligations to LIC since October 2017, Sebi said. "Noticees actively and deliberately concealed the important information and did not disclose at all by the noticees, to the stock exchanges," it added. Highlighting Choksi's and Sheth's responsibility in making disclosures, Sebi said "instead of fulfilling their responsibilities, based on various media reports, it has been noted that the noticee no. 2 (Choksi) abdicated his responsibilities by leaving the country in the first week of January 2018, days before the alleged fraud came to light. Further, there is no information available with respect to the noticee no. 3 (Sheth)." "In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events as found hereinabove. The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute," Sebi noted. Regarding Choksi and Sheth, Sebi said "the conduct of these directors is apparently mala fide." SRS BJ ABMABM

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