PNB fraud case: Ask Nirav Modi to return, Delhi High Court tells his firm Firestar Diamond

The ED has conducted searches and seizure of the company and its assets in connection with a money laundering case related to the Rs 11,000-crore Punjab National Bank fraud case.

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The bench told Firestar Diamond and Firestar International’s counsel, Vijay Aggarwal, “If we should not stress upon technicality, then ask Mr Modi to come back to India.”

THE DELHI High Court on Wednesday directed businessman Nirav Modi’s company, Firestar Diamond, to ask him to return to India.

A bench of Justices S Muralidhar and I S Mehta issued the direction after the company’s lawyer argued that relief should not be denied to the company on a technicality that Firestar International had authorised the filing of petitions by its subsidiary, Firestar Diamond. The bench told Firestar Diamond and Firestar International’s counsel, Vijay Aggarwal, “If we should not stress upon technicality, then ask Mr Modi to come back to India.”

Read | Court allows CBI to freeze Nirav Modi’s account at Barclays Bank

Expressing concern over Modi’s statement to investigating agencies that he will not submit to their jurisdiction, the court observed, “We are dealing with a fugitive here, according to them (ED). A fugitive from justice stands on a different footing.” The counsel replied that the media has termed Modi a fugitive and that only non-bailable warrants have been issued against him, and no order proclaiming him an absconder has been passed.

The ED has conducted searches and seizure of the company and its assets in connection with a money laundering case related to the Rs 11,000-crore Punjab National Bank fraud case. Aggarwal urged the court to either stay ED’s proceedings against the companies or direct the agency to provide reasons for its search and seizure action.