CBI, ED And I-T Department Launch Coordinated Effort To Extradite Nirav Modi And Mehul Choksi To India

Coordinated efforts by the Central Bureau of Investigation (CBI) the Enforcement Directorate (ED) and the Income Tax (I-T) Department are ongoing to extradite PNB fraud case-accused businessmen Nirav Modi and Mehul Choksi, reports Hindustan Times.

Simultaneously, recovery proceedings are moving forward in the case in which Rs 13,500 crore was misappropriated through a Mumbai branch of the Punjab National Bank (PNB).

Extradition proceedings were formally initiated following the arrest of Modi in London yesterday (Wednesday, 20 March).

Already, a legal team representing Indian authorities has reached London with the requisite documents. A team of ED officials may also be sent to the city in case they are required.

Concurrently, extradition efforts are on to bring back Choksi to India; the businessman is currently staying in Antigua.

Recovery proceedings have also been gathering steam against the two, with a Mumbai special court permitting the ED to attach 11 luxury vehicles belonging to Modi. The same court has also allowed the I-T Department to hold an auction to sell off 68 of his paintings.

Moreover, a non-bailable warrant has also been issued against Modi’s spouse, Ami Modi.

Reacting to the positive news of headway being made in the case following Modi’s arrest, PNB’s stock rose by 3.37 per cent to settle at a price of Rs 93.55 per share at the end of yesterday’s trading session.

Also Read: Diamonds Aren’t Forever: PNB Fraud Accused Nirav Modi Arrested In London After UK Court’s Arrest Warrant