Skip to content
Search

Latest Stories

Nirav Modi’s remand extended in the UK; final proceedings in 2021

FUGITIVE Indian jeweller Nirav Modi was further remanded in custody on Tuesday (1) by a court in London hearing India's extradition request for the diamond merchant.

The 49-year-old is wanted in India over his alleged involvement in a $2 billion (£1.5 billion) fraud at India’s state-run Punjab National Bank.


Modi appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day “call-over hearing” at Westminster Magistrates’ Court.

Chief magistrate Emma Arbuthnot extended Modi’s remand for a further 28 days until December 29.

“It will be another short videolink call-over hearing and then there is just over a week before closing submissions in the case,” she told Modi, who spoke only to confirm his name and date of birth.

The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when district judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.

At the last hearing in the case on November 3, Judge Goozee heard the arguments for and against the admissibility of certain witness statements provided by India’s Central Bureau of  Investigation (CBI) and Enforcement Directorate (ED).

He ruled that the evidence to establish a prima facie case of fraud and money laundering against the fugitive diamantaire was broadly admissible.

The Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, stressed that the evidence, including witness statements under Section 161 of the Indian Code of Criminal Procedure (CrPC), met the required threshold for the UK court to determine whether Modi has a case to answer before the Indian judicial system.

Modi is the subject of two sets of criminal proceedings. The CBI case relates to a large-scale fraud on PNB by allegedly fraudulently obtaining of 'Letters of Understanding' (LOUs or loan agreements), while the ED case relates to the laundering of proceeds of that fraud.

Modi also faces two additional charges of 'causing the disappearance of evidence' and intimidating witnesses or “criminal intimidation to cause death” added to the CBI case.

He denies wrongdoing.

The jeweller has been in prison since he was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard and his attempts at seeking bail have been repeatedly turned down.

The charges against him centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by PNB or LoUs.

The CPS, on behalf of India, have told the court during the course of two separate set of hearings in May and September that a number of PNB staff conspired with Modi to ensure the LoUs were issued to his companies without ensuring they were subject to the required credit check, without recording the issuance of the LoUs and without charging the required commission upon the transactions.

Modi’s defence team has sought to counter allegations of fraud by deposing witnesses to establish the volatility of the gems and jewellery trade and that the LoUs were standard practice. His severe depression has also been raised as part of the arguments against extradition.

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less