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Westminster Court, United Kingdom:  A provisional arrest warrant has been issued against the fugitive diamond merchant, Nirav Modi for his extradition in a money laundering case.

He is the main accused in the Punjab National Bank scam case.

The Westminster Court has issued the arrest warrant against Nirav Modi as part of processing this extradition request. The warrant is provisional, and he is entitled to obtain bail.

Background of the scam:

As reported by Hindustan Times, Two PNB employees sent unauthorised letters of undertakings (LoUs), essentially bank guarantees, to foreign branches of Indian lenders, on behalf of firms related to Nirav Modi and the Gitanjali Group. The LoUs basically told these other lenders: Lend money to Nirav Modi firms so that they can pay for their imports. If they don’t pay up, we will make good this payment.

In the PNB fraud case, the bank employees had sent these guarantees in the absence of credit limits and collateral security (in Modi’s case). Secondly, they didn’t make an entry in the bank’s core banking system – the software used to support a bank’s most common transactions, which also acts as a record keeper.

Reported by Media

Case BriefsHigh Courts

Tripura High Court: A Bench of Arindam Lodh, J. allowed a petition for quashing of criminal proceedings pending against the petitioner.

The petitioner was arrested with other co-accused in connection with a crime under Sections 364-A, 302 and 201 IPC along with Section 27 of Arms Act. The petitioner through his counsel D. Bhattacharya, Advocate submitted that after investigation, the chargesheet submitted by the Investigating officer did not show his name. Further, that the IO specifically observed that there was no evidence against the petitioner. However, after taking cognizance of the case, the Judicial Magistrate (First class), Sonamura issued an arrest warrant against all the accused including the petitioner. Aggrieved thereby, the present petition was filed.

After carefully perusing the record, the High Court expressed serious dissatisfaction to the conduct of JMFC who did not think it necessary to go through the chargesheet itself. This, according to the court, is unexpected from a Judicial Officer. The JMFC was cautioned that any such mistake in future would draw appropriate action. It was observed, “It is the solemn duty of the court to protect the life and liberty of a citizen and none should be harassed unnecessarily”. The Court was satisfied that the petitioner was discharged by the IO and therefore it allowed the petition by quashing the proceedings pending against the petitioner. [Priyalal Debbarma v. State of Tripura, 2018 SCC OnLine Tri 261, Order dated 05-12-2018]