Government needs to relentlessly pursue extradition against Nirav Modi and other economic fugitives


In a recent issue of its biannual Financial Stability Report, the Reserve Bank of India identified frauds as a problem confronting public sector banks. A significant number of frauds occur during the normal lending operation of a bank. This observation of RBI needs to be kept in mind when assessing the global arrest warrant issued by Interpol for Ami Modi, the wife of the economic fugitive Nirav Modi.

Read also: Interpol issues global arrest warrant against Nirav Modi’s wife in PNB fraud case

The couple fled around the time their collusion with bankers in PNB to commit fraud surfaced in 2018. Nirav Modi, who is presently in jail in the UK, is contesting India’s extradition request. It’s important for the government to relentlessly pursue extradition cases against not just Nirav Modi but also other economic fugitives. If they are not brought to justice, there will be no deterrence in place for frauds of the kind that took place in PNB. Given that the financial sector is dominated by public sector companies, it is the taxpayer who eventually pays the price of frauds.



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Nirav Modi Wife: Interpol issues global arrest warrant against Nirav Modi’s wife in PNB fraud case | India Business News


NEW DELHI: An Interpol global arrest warrant has been issued against Ami Modi, wife of prime accused in the over $2 billion Punjab National Bank (PNB) fraud case Nirav Modi, on charges of money laundering, officials said on Tuesday.
They said the ‘red notice’ has been issued by the global police body on the request of the Enforcement Directorate (ED).
Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018.

The ED has charged Ami Modi for conspiring and money laundering with her husband and jeweller Nirav Modi apart from his uncle Mehul Choksi and others under the Prevention of Money Laundering Act (PMLA).
Nirav Modi (49), is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India.
He has been declared a fugitive economic offender by a Mumbai court early this year and the court had also ordered confiscation of his assets.

The ED has already confiscated about Rs 329 crore of his linked properties.
The businessman, Choksi and others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.
Similar Interpol notices have earlier been issued against Nirav Modi’s younger brother Nehal Modi and sister Purvi Modi.
In Video:PNB fraud case: Interpol issues global arrest warrant against Nirav Modi’s wife



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