To Catch a Fraudster

India has achieved an impressive legal success when UK Home Secretary Priti Patel approved the extradition of Nirav Modi in connection with the INR 13, 758 crore Punjab National Bank (PNB) fraud. As a matter of fact, the fate of the financial fugitive was sealed February last after the Westminister Magistrates’ Court in London in a judgment observed that a prima facie case was made out against the diamond merchant. For the record, Nirav Modi is still left with the legal recourse to knock on the door of the UK High Court against the decision of the secretary within 15 days. Otherwise, he will have to be deported within the next 28 days. In all probability, Nirav Modi will take that legal recourse. The appeal may delay his departure from the UK by a couple of months, but it seems that ultimately he will have to face trial in India.

The businessman left the country on January 1, 2018 after the multi-crore scam came to light. He was arrested on India’s request by UK police on March 19, 2019. Since his arrest in London, a fierce legal battle went on for nearly two years in UK courts. Nirav Modi tried hard to prevent extradition by questioning the condition of Mumbai’s Arthur Road jail where he was supposed to be confined till his trial in India is over. He also made submissions about his mental health, but in vain.

Both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) should be praised for this success. The agencies worked hard, gathered all the information against Nirav Modi from almost every nook and corner of the globe. The agencies brought to light the conspiracy hatched by Nirav Modi by presenting sufficient evidence about his involvement in confining some of his key employees in Cairo. This was deliberately done to hide the fact that by managing fraudulent letter of undertakings (LOUs) to overseas banks in favour of his firms which caused huge financial loss to PNB. The evidence presented by the investigating agencies was so strong that the UK court did not find any merit in the submission made by Nirav Modi, including his claim of political influence.

There are few more financial fugitives who are staying abroad to avoid trial in India for long. After finishing all his legal options, liquor-baron Vijay Malaya has now applied for political asylum in the UK which is currently under consideration. Nirav Modi’s uncle Mehul Choksi is another fugitive and also a co-accused in the PNB fraud case. Unlike Malaya and Modi, he escaped to Antigua in January 2018 and became a citizen of that country to evade arrest by India. These days, we do not hear much about Lalit Modi, who fled the country nearly a decade ago. All of them should be brought back to India and be punished under the new Fugitive Economic Offenders Act. There should be room for complacency and efforts should be made to sign extradition treaties with many more countries, so that fugitives do not find any safe havens.