In the judgment handed down on Monday, the High Court judges upheld the December 2018 extradition order of the Westminster Magistrates’ Court in London and accepted that 'there is a prima facie case both of misrepresentation and of conspiracy, and thus there is also a prima facie case of money laundering'.
The assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender.
Nirav Modi is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year.
A bench headed by Chief Justice Ranjan Gogoi took note of the submission of F S Nariman, appearing for Vijay Mallya, that the fresh plea be heard along with the pending one on the legality of the law and the action to confiscate the properties.
Hole-in-the-wall accountants, Tier-2 CA firms and the Big Four—all share a professional DNA of trickery. From there, it’s a tiny step to fraud. In the case of foreign firms, their very presence in India hinges on that.