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Nirav Modi Borrowing Rs 9.7 Lakh Per Month to Pay Back Fine to Appeal Against Extradition: Report


Last Updated: March 10, 2023, 11:44 IST

The Indian authorities have sought Nirav Modi since February 2018.

The Magistrate bench in UK has ruled that Nirav Modi can pay 10,000 pounds per month for six months and then a review hearing would be held

Fugitive diamantaire Nirav Modi is borrowing money to pay back Rs 146 lakh (150,247 pounds) fine imposed on him after he was ordered to pay costs for the appeal of his extradition, a report has said.

Nirav appeared at London’s Barkingside Magistrates’ Court on Thursday through a video link and defended himself without a lawyer over the fact he had not paid the costs of 150,247 pounds for an appeal against his extradition, Times of India reported.

The report said that the costs order was made by the extradition proceedings judge in January and Modi was ordered to pay it within days. However, he had not done so.

He had offered to pay 10,000 pounds (Rs 9.7 lakh) per month and the fines team had rejected this, which is why he was brought before the court.

The court asked Nirav Modi why he had not paid the fine, to which he replied, “All my assets have been frozen and I am unable to fund my legal fees.”

The bench asked him if he was likely to be in prison some time, to which he replied in the affirmative, according to the report.

He further told the court that his assets in India have been frozen for the past four years because of bogus allegations against him.

When the court enquired where would he get the 10,000 pounds per month, he said, “I am borrowing and have been for past two years. I have been in prison for four years- and after my first two years’ funds dried up so borrowing since then.”

The bench has ruled that Nirav Modi can pay 10,000 pounds per month for six months and then a review hearing would be held.

Two High Court judges upheld a lower court’s ruling that the fugitive jeweller has a case to answer before Indian courts and that it would not be “unjust or oppressive” for British authorities to send him to India.

Indian authorities have sought Modi since February 2018, when they alleged companies, he controlled defrauded the state-owned Punjab National Bank by using fake financial documents to get loans to buy and import jewels.

He was detained in London in 2019 and has since been held without bail in prison.

Forbes magazine estimated Modi’s wealth at $1.8 billion in 2017, but he was removed from the publication’s billionaires’ list after the fraud allegations.

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