The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) feel that fugitive diamantaire Nirav Modi's extradition will be a lot faster than that of Vijay Mallya, who was also hiding out in the United Kingdom. Modi was arrested in London on Tuesday and produced at the Westminster Magistrates' Court. He was denied bail even though his lawyer George Hepburne Scott tried to post it at 500,000 pounds (Rs 4.5 crore).
According to a report by The Times of India, the CBI and ED officials feel that they can get Modi to India in six months. Both the Indian and the UK authorities have called Modi's arrest as a "big success".
To make the extradition process easier and more efficient, CBI and ED have filed a chargesheet detailing every illegal transaction, fake letters of undertaking, bank transactions and emails. The chargesheet also talks about Modi's use of shell companies across the world for bank transfers. In addition to this, there is strong evidence of Rs 6,400 crore of the Rs 7,000 crore taken from Punjab National Bank.
After the arrest warrant was issued against Modi, his lawyers had arranged for the billionaire to be arrested at a police station on March 25. They did not expect him to be arrested so soon. Modi was taken into custody on Tuesday when he was trying to open an account at Metro Bank and a teller recognised him and alerted the police. Modi was allegedly trying to open the account with a revoked passport and his council tax bill as ID proof, reports TOI.
The rejection of Modi's bail plea was on the grounds of him being a flight risk. His advocate argued, "he has done everything he can to be visible to demonstrate his keenness to fully cooperate. He is paying his council tax and has a national insurance number and he is living openly."
"He was even written to by the electoral services inviting him to register to vote so officials were fully aware of his address. He has lived at Centre Point over a year. He is the opposite of a flight risk. The Home Office has one of his passports and the other is with the Driver and Vehicle Licensing Agency (DVLA). His personal assistant, who is in court, can give evidence and once it is back he will surrender it. These are the only travel documents he has," Scott was quoted as saying by TOI.
