CBI sources on Tuesday said that the extradition process of billionaire diamantaire Nirav Modi is underway and the agency is doing everything to bring him back to India and face justice. Sources, however, stressed that the extradition process will take time. 


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"Nirav Modi's extradition process is underway, we are doing everything, it will take time," CBI sources told ANI.



On Monday, London's Westminster Court had issued an arrest warrant against Nirav Modi based on Enforcement Directorate's request for his extradition to India. The move is seen as a big diplomatic win for Indian government as the arrest warrant was issued just days after the wanted businessman was spotted in London sporting a handlebar moustache and wearing a costly jacket. Top government officials said that Nirav Modi, who is accused of defrauding Punjab National Bank to the tune of over Rs 13,000 crore has been asked to appear before the court on March 25.



It is expected that London police would arrest Nirav Modi in the coming days. He can, however, apply for bail and it is expected that Modi would escape jail term by getting conditional bail.


The extradition process against Modi was started by the ED in August 2018 and it was certified by UK Home Secretary Sajid Javid on March 9. PTI reported that Modi, 48, is currently living in a three-bedroom flat at landmark Centre Point tower block in London. The area is one of the poshest in London as the rent in this area cost around 17,000 pounds a month. Modi is also running a new diamond business in London, sources said.


Nirav Modi's bank accounts are already frozen by Indian authorities and an Interpol red notice has also been issued against him for his arrest. The Indian government has also attached his assets worth Rs 1,873.08 crore under the PMLA and has seized assets linked to him and his family worth Rs 489.75 crore.


Besides Nirav Modi, his uncle Mehul Choksi and some other members of his family are facing investigation from the ED and the CBI for alleged money laundering and corruption. The scam came out in open in February last year.