HW English
Business Tit-Bits

What are Nirav Modi’s options – jail in India or USA?


When Nirav Modi ran away from India together with his family in January 2018, after defrauding Punjab National Bank of over $2bn, it was widely believed that he was gone for good and India will not be able to get him back to face trial. However, times have changed and now more countries are willing to cooperate with India and there is also a new found political willingness to bring back these fraudsters. Nirav Modi was tracked down in London and arrested; he was even denied bail and now faces the risk of being extradited to India. An interesting bunch of parallel proceedings have been going on in Nirav Modi’s case in the USA. Three of his American companies have filed for bankruptcy proceedings in the US. After the case was probed, Nirav Modi and his top managers were accused of a host of crimes under the draconian RICO Act which entails a prison sentence of 20 years if proven guilty. The charges he would face in India would entail a prison term of 7 years. Hence, he is bound to prefer being sent back to India, than to the USA, since, not only will the jail sentence be much lesser here, but he also has the comfort of managing the Indian authorities.

Related posts

Business Tit-Bits: No relief for Mr Ambani

Akhilesh Bhargava

Business Tit Bits

Akhilesh Bhargava

No Act, So a New Act

Akhilesh Bhargava