Nirav Modi Possibly Owns Two Flats, Not One, in London Skyscraper

LONDON: Wanted diamantaire Nirav Modi will be making his second court appearance in London on Friday when his lawyers are expected to make a second bail application for him. The 48-year-old has been languishing in one of Britain’s most overcrowded prisons – Wandsworth prison – since March 20 when he was remanded in custody after his first bail application was rejected by district judge Marie Mallon despite offering £500,000 as security and offering to report regularly at his local police station.

On Friday Nirav, who is accused by the government of India of being involved in the fraudulent issuing of letters of undertaking (LoUs) in respect of Punjab National Bank worth £1.2 billion, will face a different judge at Westminster magistrates’ court – the chief magistrate, Emma Arbuthnot, who oversaw the extradition trial of Vijay Mallya.

He will arrive in a prison van and appear in the dock. His barrister is expected to increase his bail security offer. The CBI and ED have flown over to attend the hearing and meet the UK legal team representing the government of India in the case.

Nirav is using the same solicitor as Mallya – Anand Doobay. Doobay’s company, Boutique Law, boasts on its website: “We have substantial experience acting for clients facing money laundering investigations and prosecutions. Our extensive experience of defending allegations of corruption and bribery involves cases both in the UK and overseas. We can also assist with applying to Interpol for access to information or for information including red notices to be amended or deleted.”

TOI can also reveal that Nirav owns not one but two £8 million flats in the 82-apartment skyscraper Centre Point where he lives. Both were paid for in cash.

Nirav has been living in the 2,133-sq-ft three-bedroom luxury apartment 42 on the 29th floor of Centre Point tower in central London since January 2018. The title deeds, which TOI has possession of, show that apartment 42, which is the address he gave in court, that is also linked to Diamond Holdings, was sold to a “Richard Beattie” on January 5, 2018 for £7,950,000 in cash. The same date, flat 5, also on the 29th floor, was also sold to Richard Beattie in cash for the same price. Both are registered as care of a London law firm that provides advice to wealthy individuals.

A well-placed source told TOI: “I think the safe thing to assume is that Nirav Modi is Richard Beattie. Both flats have Nirav Modi’s footprints all over them. He has probably asked someone like his butler or an accountant to put their name on the title deeds so he cannot be traced.”

The spokeswoman for the said law firm said: “We are not able to comment on this.”

TOI also tracked down the London office of Diamond Holdings, the jewellery business that Nirav started on May 24, 2018, which is registered at the Harrow address of his accountants. The actual office though is situated in a secluded spot on the upper floors of a Georgian townhouse in Soho Square, which also houses 20th Century Fox, close to the Radha-Krishna Temple and the restaurant Govinda’s. The white blinds were pulled down completely on the middle to upper floors when TOI visited as Krishna devotees were singing and dancing close by. There is no signage to Diamond Holdings on the exterior of the building. A company that lets out office space runs the building and lets out sections of it. Office spaces are let for a minimum of £3,850 per month with seven desks to £19,500 per month for 30 desks on minimum 12-month leases, TOI discovered.

The receptionist on the ground floor confirmed Diamond Holdings was in an office upstairs but said no one was allowed in to see them without prior appointment. “We manage office spaces and they have let some. I have been told not to let anyone up there unless they have an appointment,” he said.

When asked if Diamond Holdings was the only office there, he said, “No, we have others,” but gave the impression there was a team of staff working for Diamond Holdings.

“The secretary of Diamond Holdings has already gone home and she asked me not to let anyone in without an appointment. I don’t know what they do or how long they have been here. I don’t have any telephone number I can give you,” he said.

Courtesy: ET Retail.com