LONDON: Nirav Modi, a former billionaire diamantaire, has reportedly been forced to pay fees for the appeal of his extradition and is now taking out loans to pay back a fine of £150,247 (about Rs. 146 lakh).

Nirav (51) appeared in person without a lawyer at Barkingside Magistrates' Court in east London on Thursday from HMP Wandsworth due to the fact that he had not paid the costs of £150,247 for a lost appeal against his extradition. The extradition procedures judge issued the expenses order on January 9, the court heard, and he was supposed to pay them within 28 days but hadn't. Instead, the penalties team had refused his offer to pay £10,000 (Rs 9.7 lakh) every month, therefore he was brought before the court. Nirav appeared downcast.

When Nirav was asked to verify his name, birthdate, and residence, he replied with an address in India. The court then requested his UK address, which he declined to provide. Nirav responded, "All my assets have been blocked and I am unable to afford my legal bills," when asked why he hadn't paid.

He was questioned by the magistrates' bench if he anticipated going to jail at some point, and he answered "Yes."
When questioned why his assets were blocked, he responded, "The majority of my assets are in India, where I have been living and working for the past 30 years. My assets there have been frozen for the past four years due to false charges against me." He responded, "I am borrowing and have been for the past two years," when asked where he would receive the £10,000 per month from. I've been in prison for four years; after the first two, my money ran out, so I've had to borrow. When the magistrates inquired as to his whereabouts, he responded, "Extradition charges." Since the accusations were false, why did he not go back to India to demonstrate his innocence? He replied, "I won't get a fair trial in India," in response to the court chair's question. When asked if he planned to be released from prison this year, he said that he was unsure. He said, "or not," when the subject of extradition to India came up.

Nirav can pay £10,000 (Rs 9.7 lakh) every month for the next six months, after which a review hearing would be convened, the bench decided. After losing his UK appeals against extradition, Nirav's extradition was ordered; however, he has not yet returned. He is charged with committing the biggest fraud against Punjab National Bank in the institution's history.

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