Published: Thu, April 12, 2018
Money | By Armando Alvarado

Ask 'fugitive' to return, HC tells Nirav's lawyer

Ask 'fugitive' to return, HC tells Nirav's lawyer

CBI counsel Om Prakash told the court that Modi's Barclays bank account in the United Kingdom had about 12,79,517 pounds (about Rs 12 crore) and Dollars 1,244 (over Rs 80,000). The court listed all the matters for hearing on May 3 asking ED to file its response to the pleas moved by Gitanjali Gems and Firestar Diamonds against the agency proceedings.

The three companies in their respective pleas have sought directions to ED to supply them copies of search warrants, the ECIR registered by the agency on the basis of which searches were made in their premises and the entire documentation and details of places where the assets have been kept for safe keeping.

Letter Rogatory, which is common term for a judicial request issued by courts on the request of an investigating agency for any information that it wants from another country.

The Delhi High Court today directed diamantaire Nirav Modis company, Firestar Diamond, to ask him to return to India, dubbing him a "fugitive".

The Central Bureau of Investigation has held 19 people so far relating to the fraud. The Enforcement Directorate (ED) is also conducting an independent probe into the scam.

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The cases pertain to issuance of fraudulent Letters of Undertaking (LoUs) and credit facilities of more than $2 billion to companies of Modi and Choksi.

Banks issue LoU as a guarantee for a short term credit to the applicant when they have their own branches overseas.

Sources said, two officials of Canara Bank's branch in Bahrain, and an official of Bank of India's branch in Antwerp in Belgium were questioned by a CBI team in Mumbai. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank, along with interest.

Both the uncle Choksi and nephew Modi have been booked in two cases which is related to the bank fraud that came to light in February.

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