U.K. court issues warrant for Nirav Modi’s arrest

  1. UK court has issued an arrest warrant against fugitive diamond jeweller Nirav Modi.Earlier,UK Home Secretary had certified India’s Enforcement Directorate(ED) extradition request.He is wanted in the Rs 13,500 crore Punjab National Bank (PNB) fraud case.
  2. Extradition is simply the surrender of a criminal to one country by another.The process is regulated by treaties between the two countries.Extradition is governed by the Indian Extradition Act,1962.India has extradition treaties with 44 countries.
  3. India and UK had signed Extradition treaty in 1992 and has been in effect since 1993.As per Article 2,an extradition offence is one which, under the laws of each state,entails imprisonment for at least one year.
  4. ED is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.It is part of the Department of Revenue,Ministry of Finance.
  5. The prime objective of the Enforcement Directorate is the enforcement oftwo key Acts- (a)Foreign Exchange Management Act 1999 (FEMA) and (b)Prevention of Money Laundering Act 2002 (PMLA).Other objectives are primarily linked to checking money laundering in India.