The diamond merchant wanted in India on fraud and money laundering charges in the estimated $ 2 billion National Bank of Punjab (GNP) scam case, lost his legal battle against extradition when a UK judge ruled that He has a case to answer to the Indian. courts.
He has been housed in Wandsworth Prison in south west London since his arrest for an extradition warrant in March 2019 at a London central bank branch, where he was trying to open a new account.
She had stayed nearby in a luxurious penthouse in Centrepoint, in the heart of the UK capital, regularly walking her dog to a seemingly new jewelry store nearby.
Later, during pretrial detention hearings at Westminster Magistrates Court in London, it emerged that he had engaged Boutique Law LLP prior to extradition proceedings on fraud and money laundering charges by the Central Bureau of Investigation (CBI) and the Directorate of Execution (ED), in the trial to reach an agreement of voluntary surrender and bond.
However, as the CBI and ED evidence was presented to the court by the Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, its offer of up to GBP 4 million as collateral to be allowed be rescued. under strict conditions of house arrest he was repeatedly rejected.
His detention in a cell shared with another inmate is a far cry from his past billionaire lifestyle, which involved rubbing shoulders with high-profile celebrities and their diamond designs finding red carpet favor with the stars.
“I was totally impressed with the craftsmanship of the workshop [in India]. It was the best quality that I could see anywhere in the world, ”Thierry Fritsch, a senior French jewelery expert, told the UK court during the extradition hearing last year.
As someone who had served on Nirav Modi’s company advisory board for three years since 2015, Fritsch was deposed by the defense team to attest to Nirav’s “integrity” and skills as an entrepreneur and creative person, passionate about establishing India’s first luxury jewelry brand.
A gem expert, Dr. Richard Taylor, was also dispatched to discuss the details of the diamond trade and how the Nirav Modi brand had managed to make a mark around the world.
“The industry relies on delivering high-value products to companies, and to do so they require trust and confidence,” said Taylor, in an attempt to establish Modi’s credibility in the business.
“India is the largest and most important diamond cutting center … it was a very significant trend that he [Nirav Modi] it was part of, “he added.
The court painted picture was that of a talented jewelery designer who had only one mission: to make the Nirav Modi brand worthy of competing with global luxury jewelery brands such as Tiffany or Cartier. And, the allegations associated with the extradition case were painted as nothing more than a commercial dispute.
The CPS, in turn, presented documents and video evidence in an effort to establish a complex web of misuse of a bank line of credit called letters of commitment (LoU) and threats issued to so-called “fictitious directors” of front companies. to keep them out of the reach of Indian investigating authorities.
Throughout the London extradition case, Nirav Modi’s depression and mental health remained at the center of discussions, and his prolonged imprisonment is said to have worsened his condition.
“Along with a serious condition of depression, in my opinion, he presents a high risk of suicide, although not immediately,” Dr. Andrew Forrester, a forensic psychiatrist who examined him, told the court in September of last year.
At the time, Forrester said Nirav’s mental health condition was on a deteriorating trajectory and he met the criteria for hospital treatment in the absence of a multi-professional plan, including antidepressants and psychotherapy.
Except for some initial remand hearings in 2019, Nirav has appeared only via video link from a room at Wandsworth Prison, as the case was carried out in a partially remote setting due to the coronavirus lockdown. During hearings last year, he was alert and constantly referred to the files related to the case that were made available to him. Most recently, he appeared via video link sporting a bushy beard and at times more scruffy than his appearance in a formal shirt and suit over the past year.
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