London: In a major blow to Nirav Modi, the UK High Court in London on Wednesday rejected the appeal of a fugitive diamond merchant against his extradition to India in connection with the Punjab National Bank (PNB) fraud case. Nirav Modi is wanted in India on charges of fraud and money laundering amounting to $2 billion in the PNB loan fraud case.

He is wanted by the Indian authorities for his role as a partner in a number of entities, namely Diamonds R Us, Stellar Diamonds and Solar Exports, involved in the laundering of money and the fraudulent issuing of Letters of Undertaking (LoUs) to Punjab National Bank (PNB).

Nirav Modi is lodged at Wandsworth prison in London. He had appealed against the Judge Sam Goozee's Westminster Magistrates' Court ruling in favour of extradition last February and lost it. The latest verdict was delivered by Lord Justice Jeremy Stuart-Smith and Justice Robert Jay.

The 51-year-old was arrested by Scotland Yard in March 2019 and since then he has been behind bars in London. Nirav Modi, one of India's richest men, accustomed to the high-life and celebrity circles around the world, will be faced with some harsh conditions at the prison amid some dubious inmates.

(With PTI inputs)

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