He is the main accused in the 13,500 crore rupees Punjab National Bank scam case.
Sources said that according to laid down procedures, Modi will likely be released on bail in due course and the court will then issue notice to the prosecution which will contact Indian authorities to produce necessary evidence and chargesheets, which will signal the beginning of the extradition hearing.
A warrant has been issued for the arrest of fugitive diamantaire Nirav Modi, but his extradition proceedings in the Westminster Magistrates Court may not begin until the Home Office considers and takes a decision on his application for asylum in the UK.
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Indian diamond tycoon Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, was ordered held without bail in London on Wednesday, more than a year after Indian authorities alleged he was involved in a US$1.8 billion (NZ$2.6 billion) bank fraud.
Modi was believed to be living in a property worth £8 million apartments in the tower, the rent for a similar apartment in the tower comes to approximately £17,000 a month, stated the Daily Telegraph.
Raveesh Kumar, a spokesman for India's foreign ministry, said he welcomed the news of Modi's arrest.
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President Donald Trump talks to reporters as he departs on travel to OH at the White House in Washington , U.S., March 20, 2019.
Forbes estimated Modi's wealth at United States dollars 1.73 billion before the alleged fraud, placing him 85th on India's rich list.
Both had left India in January 2018, before the CBI stated its investigation. Modi is also a defaulter for the Income Tax Dept. Nirav Modi's counsel George Hepburne said that the case has a political motivation and conditions of Indian jails are not good.
Meanwhile, as per ED sources, PMLA court in Mumbai has granted permission to the agency to sell 173 paintings and auction 11 cars of the PNB scam accused.
The relentless pursuit India has launched to bring back those who have reportedly defrauded the country's financial institutions is being seen as a huge positive for Modi's "Na Khaunga, Na Khane Dunga" poll promise - made during the 2014 election campaign. If the order is confirmed even during the appeal, the final decision will still rest with Javid to send Modi to India.
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The documents said numerous workers were forced to live at the spas and were not allowed to leave without an escort. Kraft pleaded not guilty to both of those counts and is expected back in court on March 28th.