Indian Tycoon's Extradition Case Over $2B Fraud Begins In UK

Law360, London (May 11, 2020, 7:34 PM BST) -- Diamond magnate Nirav Modi fraudulently acquired "eye-watering amounts of money" from Punjab National Bank, prosecutors said during the first day of a London hearing Monday on India's bid to extradite him to face fraud and money laundering charges.

Opening the Crown Prosecution Service case, Helen Malcolm QC said Modi operated a "circular Ponzi scheme of borrowing" to defraud Punjab National Bank out of $2 billion in the largest bank fraud in the country's history.

"There is really nothing very complicated about this case. It covers three aspects — the fraud, then laundering of that fraud money and the rotation of goods...

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