Fugitive Diamond Merchant Nirav’s return will unveil corrupt individuals

New Delhi: Now that London Police has finally arrested fugitive Nirav Modi- the man behind the 13,000 crore scam in India will probably be extradited to India for further probe in the multi-crore scam.

According to close sources, the scamster Nirav will be brought back to India and tried for multiple charges, Indiatoday reports.

The primary case against Nirav is fraudulently cheating the Punjab National Bank to a tune of Rs 13,000 Crores by colluding with certain bank officials in getting LoUs (letters of undertaking) issued and FLCs (foreign letters of credit),

Further investigation in the case also unearthed Nirav’s fraudulent paperwork where he showed high values of Diamonds whereas sold cheap faulty diamonds.

The fraud paperwork was purposely done to enhance the company’s overall value while he could easily flee the country after selling such faulty diamonds to its customers.

Not only this but other pieces of evidence have come up regarding his other criminal activities during demonetization, where many firms related to him have been involved in converting black money to white money as well as crores of old currency too was accepted by Nirav’s firms during that period.

Apart from these crimes violation of the Passport Act might as well be levelled against Nirav who has been travelling on a revoked passport.

The ED has booked diamond merchant under the provisions of PMLA, 2002 and by the Central Bureau Of Investigation under sections 120-B r/w 420 (Cheating and Forgery) of IPC, 1860 read with Section 13(2) read with 13(1)(d) of PC Act, 1988.

With Nirav’s return, corrupt politicians, bank officials who have helped him in committing and covering the entire fraud will be finally revealed.

In the multi crores scam, not only documents were forged but also readily accepted by the bank officials.

The ED as of now has attached Nirav’s properties in Indian, UK, USA, Hong Kong and Thailand.

After learning their lesson in Vijay Mallya’s case, only this time the ED officials have come prepared with a provisional arrest warrant issued against him by the Westminster court in London.
A special team of ED and CBI officers have been formed for this task of extraditing Nirav.

According to officials, the evidence against Nirav will be shared with the Crown Prosecution Service at the Westminster Court. “See, all we need is to convince the London court that we have concrete evidence against Nirav Modi and allegations needs to be probed,” said an officer.

The ED believes that when Nirav returns to India the entire modus operandi and people involved in defrauding the Punjab National Bank to the tune of over Rs 13,000 crore will be revealed.

BJP came under pressure when a picture of Nirav and Modi clicked in Davos surfaced.