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Nirav Modi (file photo)
LONDON: Abhay Thipsay, a retired judge who has served in the Bombay and Allahabad High Courts, told a London court via video link from India on Wednesday that the CBI charges against the jeweler Nirav Modi – which include criminal conspiracy, deception and dishonest delivery of property – would not be maintained under Indian law.
“Unless someone is cheated, Indian law cannot cheat. Cheating is an essential ingredient of a cheating crime. If no one was cheated by issuing LdU, there is no doubt that a corporate body is being cheated. The authority granted to officials of “The bank issuing the LoUs cannot be said to be property and cannot be said to have been entrusted with the property and therefore cannot be a criminal breach of trust,” Thipsay said. , brother of the great chess master. Pravin Thipsay, who bailed actor Salman Khan in 2015.
The CBI and DE were also observing the third day of the trial in Westminster magistrates court via a link from India.
The court also heard testimony from former CEO of jewelry maker Chaumet, Thierry Fritsch, who appeared via video link from France, who said he was “totally amazed and impressed” by the quality of Nirav Modi’s craftsmanship. “It was the best thing I have ever seen. It was outstanding and that is why I agreed to join Nirav Modi’s advisory board. His ambition was to establish India’s first high quality international brand,” he said.
“It was a disaster closing it from a jewelry standpoint. The luxury business is a combination of business and artistic skills and Nirav was perfect, he had both. His small diamond micro-setting was the best in the world. I have no reason to doubt his integrity. It was a big surprise to me what happened because regardless of what he was doing he had the support of the Indian state. He was very proud to be an Indian. ”
Fritsch opened Nirav Modi boutiques internationally and “pushed the brand to become more international and less ethnic less Indian.” He said that Nirav’s workshop in Surat was “like Formula One” with a “stock of beautiful diamonds”. “Nirav was planning an IPO since the need for cash in jewelry is great,” he added.
Nirav is accused of having obtained unauthorized loans worth £ 700 million (Rs 6,498 crore) at very advantageous rates through LoU (letters of commitment) from the National Bank of Punjab (PNB) in conspiracy with GNP officials from 2011 to 2017. He is also accused of misdirecting loans to pay past LoUs and benefit companies he controlled. He is alleged to have established shell companies in Dubai Hong Kong – led by fictitious directors – who were used for the circular rotation of low-quality jewelry at inflated values to give the impression of being exporters, but were in fact receiving the proceeds of the GNP fraud.
the Crown Processing Service He submitted another 250 pages of evidence, including bank statements, even though the last date to present the evidence was May 5. Nirav’s lawyer, Clare Montgomery QC, objected, but District Judge Samuel Mark Goozée decided to allow it. Montgomery will have time to respond, but will further delay the hearing.
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