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Indian diamond billionaire Nirav Modi loses enchantment towards extradition from UK

London CNN  — 

A London court docket on Wednesday rejected an enchantment from Indian billionaire Nirav Modi towards his extradition from the UK to India to face prices of fraud and cash laundering.

British police arrested the diamond seller in 2019 in London over his alleged involvement in a financial institution fraud that could possibly be price $2 billion.

Modi’s legal professionals final yr challenged a court docket order permitting the British authorities to extradite the fugitive businessman, citing his psychological well being and threat of suicide.

London’s Excessive Court docket dismissed the enchantment on Wednesday, saying Modi’s threat of suicide doesn’t rule out his extradition.

Justice Jeremy Stuart-Smith, one of many two judges, mentioned that they had been “removed from happy that Mr Modi’s psychological situation and the chance of suicide are such that it will be both unjust or oppressive to extradite him,” in line with the court docket ruling.

“On the idea of the assurances that the (Indian authorities) has given, we settle for that there might be appropriate medical provision and an applicable plan in place for the administration and medical care of Mr Modi, which might be offered within the data that he’s a suicide threat,” the judges mentioned.

Modi’s alleged fraud first got here to mild in 2018 when Punjab Nationwide Financial institution, considered one of India’s largest banks, reported fraudulent exercise at considered one of its branches.

India then issued an Interpol Crimson Discover for Modi’s arrest and London authorities had been requested to execute it. The Indian overseas ministry mentioned in an announcement on the time that it welcomed the arrest, and would search to extradite Modi as quickly as attainable.

Modi and officers on the financial institution allegedly issued fraudulent Letters of Undertakings to abroad banks to acquire purchaser’s credit score, in line with India’s Central Bureau of Investigation (CBI).

Forbes as soon as ranked Modi as India’s 85th richest man, with a web price of $1.eight billion.

CNN has reached out to his lawyer after the court docket’s choice on Wednesday however is but to listen to again.

Modi, who stays at Wandsworth Jail in London, can problem Wednesday’s court docket ruling on the UK Supreme Court docket.

CNN’s Swati Gupta contributed to this report

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