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China encourage India to deal with Hong Kong on Nirav Modi

China encourage India to deal with Hong Kong on Nirav Modi”

Meanwhile, the income-tax department is reportedly set to initiate proceedings against jeweller Nirav Modi, wanted in the Rs 14,000-crore PNB fraud, under the black money law tat provides for imprisonment of upto to seven years for not disclosing foreign assets.

Advocate Vijay Aggarwal, who appeared for Firestar Diamond and Firestar International told the bench, "If we should not stress upon a technicality, then ask Mr Modi to come back".

Additional Solicitor General Sandeep Sethi and central government standing counsel Amit Mahajan told the court that Modi is absconding and not joining the investigation and opposed the plea of Modi's firm Firestar Diamond seeking relief.

They were examined over the role of these overseas branches of the two Indian banks in extending alleged credit facilities on the basis of Letters of Undertaking (LoUs) issued by the PNB to the firms related to Modi and Choksi- the promoter of Gitanjali Group, said CBI sources. "A fugitive from justice stands on a different footing".

The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies can not be given any discretionary relief.

The Delhi High Court however announced May 3 as the hearing date of the case filed Firestar Diamond, against the seizure of his properties by the Enforcement Directorate (ED) in connection with the Punjab National Bank (PNB) fraud case.

Mumbai: A judicial request meant for United Kingdom was issued by a special CBI court in Mumbai after the agency moved a petition in which it sought to attach a bank account of beleaguered diamond trader Nirav Modi.

To which, the court said: "Oh, so you are blissfully unaware of all this".

Gitanjali Gems has challenged certain provision of the Prevention of Money Laundering Act (PMLA) and called the ED's action as "absurd" and not in accordance with the object and objective of the PMLA.

A lawyer of Nirav Modi's company, Firestar Diamond, today said he does not know the whereabouts of "fugitive" diamantaire. Loan-loss cover may not see large deterioration given the provisioning requirements, " it further said.



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