In a major blow to the fugitive Nirav Modi, a UK court has rejected an application to stop his extradition to India. Modi had filed an application in the London High Court for permission to appeal against the order.

A London High Court judge decided on papers presented for appeal and determined that there was no ground to appeal against the Westminster Magistrates' Court's February decision in favour of Modi's extradition to India to face charges of fraud and money laundering.

Hearing on extradition case was held in February

In February, the last hearing on Nirav's extradition was held in the Westminster Court of Britain. The court had also given permission to send Nirav to India. After this, on 15 April, Britain's Home Secretary Priti Patel also ordered the extradition of Nirav. Now the latest decision of the London High Court has almost cleared the way to bring Nirav to India.

Nirav Modi
(L-R) Naomi Watts, Nirav Modi and Deborra-Lee Furness attend the Nirav Modi U.S. Boutique grand opening at Nirav Modi Boutique. File PhotoJamie McCarthy/Getty Images

Nirav Modi is accused of fraud of about 14 thousand crores by taking a loan from Punjab National Bank (PNB). He fled the country in January 2018 after the scam came to light. Nirav was arrested from South-West London on March 19, 2019. He is being kept in Wandsworth Prison.

Multiple investigative authorities in India are looking for Modi, including the CBI, Enforcement Directorate, Income Tax, and Serious Fraud Investigation Office. The alleged fraud at PNB through the issuing of bogus LoUs is the subject of the CBI case. The ED case concerns the laundering of funds from the alleged PNB fraud.

Punjab National Bank
File photo- Pedestrians walk past a Punjab National Bank office in Mumbai, IndiaREUTERS/Danish Siddiqui

ED also tightening the noose

Moreover, on June 23, the Enforcement Directorate seized the assets of Mehul Choksi and Vijay Mallya, including Nirav Modi, to the tune of Rs 18,170.02 crore. Out of this, it will give assets worth Rs 9,371.17 crore to the government and public sector banks.

According to the statement released by the ED, the total assets seized from him constitute 80.42% of the total loss to the banks. It has announced to give 41% of this to the government and banks. It is believed that the amount can be recovered from all three accused. Banks have a liability of Rs 22,585.83 crore on their loans.