Nirav Modi denied bail by a London court on PNB fraud case

News Network
March 30, 2019

New Delhi, Mar 29: On a day Prime Minister Narendra Modi said in a television interview that all economic offenders will have to face law, fugitive businessman Nirav Modi, main accused in the Punjab National Bank fraud case was on Friday denied bail plea by a London court.

Sources said here during the court proceedings, the UK government's Prosecution alleged that 48-year-old fugitive billionaire jeweller had offered two million rupees bribe to a witness, a director of one of group companies owned by him (Nirav Modi).

Opposing the fresh bail plea the Prosecution also said that Nirav Modi had threatened a former employee, a witness in the bank fraud case, with dire consequences. 

Sources said Nirav Modi will have to be in jail till April 26 when the case would come up again.

Sources said the fugitive businessman is in the UK on an 'investor visa' that he obtained in 2015 before the fraud allegations.

While Nirav Modi has been denying the charge, he faces the possibility of 'extradition to India'.

Indian officials were also present in the court during hearing, a source said here.

It goes without saying that the issue of Nirav Modi's extradition has emerged as one of the major election issues and certainly the BJP-led NDA regime and Prime Minister Modi is under pressure to take a firm stance on the case.

Earlier, he was denied bail on March 20. 

Nirav Modi is accused of defrauding Punjab National Bank of more than Rs 13,000 crores.

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News Network
February 22,2020

Washington, Feb 22: US President Donald Trump will raise the issue of religious freedom with Prime Minister Narendra Modi during his visit to India next week, the White House said on Friday, noting that the US has great respect for India's democratic traditions and institutions.

"President Trump will talk about our shared tradition of democracy and religious freedom both in his public remarks and then certainly in private. He will raise these issues, particularly the religious freedom issue, which is extremely important to this administration," a senior official told reporters in a conference call.

The official was responding to a question on whether the president was planning to speak to Modi on the Citizenship (Amendment) Act or the National Register of Citizens.

"We do have this shared commitment to upholding our universal values, the rule of law. We have great respect for India's democratic traditions and institutions, and we will continue to encourage India to uphold those traditions," the official said, requesting anonymity.

"And we are concerned with some of the issues that you have raised," the senior administration official said, in response to the question on CAA and NRC.

"I think the President will talk about these issues in his meetings with Prime Minister Modi and note that the world is looking to India to continue to uphold its democratic traditions, respect for religious minorities," the official said.

"Of course, it's in the Indian constitution -- religious freedom, respect for religious minorities, and equal treatment of all religions. So this is something that is important to the president and I'm sure it will come up," said the official.

Pointing out that India has a strong democratic foundation, the official said India is a country rich in religious, linguistic, and cultural diversity.

"In fact, it's the birthplace of four major world religions," the official noted.

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News Network
May 10,2020

May 10: Delhi recorded five more deaths due to coronavirus, while 381 fresh cases of the virus were reported, the city government said on Sunday.

With the fresh cases, the virus tally in the national capital has climbed to 6,923.

Between midnight of May 8 and midnight of May 9, five fresh fatalities due to the virus were reported, taking the death toll to 73, the government said in its health bulletin.

While there are 4,781 active cases of the virus in the city, 2069 patients have so far recovered from COVID-19.

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News Network
March 16,2020

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

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