Nirav Modi borrows £10,000 a month in jail to pay off £150,000 fine

LONDON: Former diamond billionaire Nirav Modi is borrowing money to pay off a £150,247 (Rs 146 lakh) fine he owes after being ordered to pay the costs of appealing his extradition, he revealed.
Nirav (51) appeared at Barkingside Magistrates’ Court in east London on Thursday from HMP Wandsworth via video link and defended himself without a lawyer that he had failed to pay court costs £150,247 for an appeal against his extradition, which he lost. The order for costs was made by the judge of the extradition proceedings on January 9, the court heard, and he was ordered to pay them within 28 days and failed to do so. He had instead offered to pay £10,000 (Rs 9.7 lakh) per month and the fines team rejected him which is why he was dragged to court. Nirav looked depressed.
Nirav was asked to confirm his name, date of birth and address and he gave an address in India. The court then asked for his UK address and he said he didn’t have one. When asked why he didn’t pay, Nirav said, “All my assets have been frozen and I am unable to fund my legal costs.”
The bench asked him if he was likely to be in jail for some time, to which he replied “Yes”.
He was asked why his assets had been frozen and he replied: “Most of my assets are in India, where I have lived and worked for 30 years, and my assets have been frozen for four years in India because of false allegations. against me.” When asked where he would get the £10,000 a month, he replied: “I’ve been borrowing and have been for two years. I’ve been in jail for four years – and after the funds from my two first years dried up, I’ve borrowed since (sic) The magistrates wanted to know why he was in jail and he said, “Charge of extradition”. The president of the bench asked him why he was not returned to India to prove his innocence if the allegations were false, to which he replied, “I will not get a fair trial in India. He was asked if he would be released from prison this year and he said that he didn’t know. When it came to being extradited to India, he said “or not”.
The bench ruled that Nirav could pay £10,000 (Rs 9.7 lakh) a month for six months and then a review hearing would take place. Nirav’s extradition was ordered after he lost his appeals against extradition to the UK, but he has yet to return. He is accused of committing the biggest fraud at the Punjab National Bank in the history of the bank.


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