Indian government submits more proof against Nirav Modi in money laundering case

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LONDON: The Indian government on Wednesday submitted further documents as “corroboratory evidence” in its case of fraud and money laundering against fugitive diamond merchant Nirav Modi, who is contesting his extradition to India at an ongoing hearing in Westminster Magistrates’ Court in London.

District Judge Samuel Goozee expressed his concern at the late submission of the documents, said to include largely bank statements relating to the diamond merchant’s companies, but has agreed to consider the application for their submission.

“I am going to need a very good explanation as to why these were not identified as evidence before,” he said.

The Crown Prosecution Service (CPS), arguing in court on behalf of the Indian authorities, said while it was not necessary for the judge to see the new evidence, the documents “help clarify matters” and “back up what is already said” on the charge against Modi of defrauding Punjab National Bank (PNB) by deceitfully obtaining letters of undertaking (LoUs), or bank guarantees, and then laundering the proceeds through a complex set of worldwide transactions using dummy companies.

“I am going to need a very good explanation as to why these were not identified as evidence before,” he said.

The Crown Prosecution Service (CPS), arguing in court on behalf of the Indian authorities, said while it was not necessary for the judge to see the new evidence, the documents “help clarify matters” and “back up what is already said” on the charge against Modi of defrauding Punjab National Bank (PNB) by deceitfully obtaining letters of undertaking (LoUs), or bank guarantees, and then laundering the proceeds through a complex set of worldwide transactions using dummy companies.

 

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