Monday, March 27, 2023

Nirav Modi is borrowing £10,000 a month in prison to pay £150k fine – Usky News

London: Former billionaire diamond merchant Nirav Modi has been borrowing money to pay a £150,247 (Rs 146 lakh) fine after being ordered to pay the costs of his extradition appeal, it has emerged.
Nirav, 51, appeared via video link at Barkingside Magistrates’ Court in east London on Thursday from HMP Wandsworth and defended himself without a lawyer over the fact that he had not paid the £150,247 costs of appealing against his extradition which he had lost. The court heard that the costs order was given by the extradition proceedings judge on 9 January, and he was ordered to pay within 28 days and he had not done so. Instead he offered to pay £10,000 (Rs 9.7 lakh) a month and the fines team rejected this, which is why he was hauled up to court. Nirav was looking sad.
Nirav was asked his name, date of birth and address and he gave the address of India. The court then asked for his UK address and he said he did not have one. Asked why he hasn’t paid, Nirav said: “All my assets have been attached and I am unable to fund my legal Fees.
The magistrates’ bench asked him whether he was likely to spend some time in jail, to which he replied “yes”.
He was asked why his assets were frozen and he replied: “Most of my assets are in India where I have been living and working for the last 30 years, and my assets in India for the last four years due to fraudulent charges.” It’s frozen.” me.” Asked where he would get the £10,000 a month, he said: “I’m borrowing and have been for the last two years. I’ve been in prison for four years – and my first two years of funds ran out Being lent since then. The magistrate wanted to know why he was in jail and he replied: “Extradition fee.” The chairperson of the bench asked him if the charges were fake, what would he do to prove his innocence. to which he replied: “I will not get a fair trial in India.” He was asked whether he would be released from prison this year and said he did not know. was done, he said “or not.”
The bench ruled that Nirav can pay £10,000 (Rs 9.7 lakh) per month for six months and then a review hearing will take place. His extradition was ordered after Nirav’s appeal against his extradition to the UK was rejected, but he is yet to return. He is accused of perpetrating the biggest fraud in Punjab National Bank in the history of the bank.


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