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If lodged in the barrack, Nirav Modi likely to get three square meters of personal space, where a cotton mat, pillow, bedsheet and blanket will be provided.
With a UK court ruling in favour of extradition of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering in Punjab National Bank (PNB) scam case, Mumbai s Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.
The jail official said that once Nirav Modi is brought to Mumbai, he will be kept in one of the three cells of barrack number 12, which is a high-security barrack.
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What is Punjab National Bank scam and how Nirav Modi was involved – Explained
Diamond merchant Nirav Modi, the main accused in the Punjab National Bank (PNB) scam, will be brought to India from Britain. A London court on Thursday ruled that Nirav Modi can be extradited to India to face charges of fraud and money laundering.
What is PNB scam
PNB is India s second-biggest state-run lender. The scam stunned the financial sector of the country after a fraud worth Rs 11, 400 crore was unearthed at a single branch in Mumbai.
The bank discovered that at least 2 of its employees - deputy manager Gokulnath Shetty and clerk Manoj Kharat - from its Brady House branch in Mumbai repeatedly issued Letters of Undertaking (LoU) to Nirav Modi s companies without following the processes. According to the bank, the employees issued the LoUs without securing cash reserve or collateral and without recording the transactions in the bank s core banking software.
The key accused in the case were jeweller and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees. Nirav Modi and his relatives escaped India in early 2018, days before the news of the scam became public. PNB scam has been dubbed as the biggest fraud in India s banking history. Bankers used fake Letters of Undertakings (LoUs) at PNB s Brady House branch in Fort, Mumbai. The LoUs were opened in favour of branches of Indian banks for import of pearls for a period of one year, for which Reserve Bank of India guidelines lay out a total time period of 90 days from the date of shipment.