Fugitive billionaire jeweller Nirav Modi had been arrested in London on behalf of the Indian authorities, British police stated on Wednesday.
India had requested Britain in August to extradite Modi, one of many most important suspects charged within the $2bn mortgage fraud at state-run Punjab Nationwide Financial institution (PNB), India’s greatest banking fraud.
Police stated Modi, 48, had been arrested within the Holborn space of central London on Tuesday and was on account of seem at London’s Westminster Magistrates Courtroom on Wednesday.
Interpol had issued a pink discover for the arrest of the celebrated diamond jeweller final July.
PNB, India’s second-largest state-run financial institution, in 2018 stated that two jewelry teams headed by Modi and his uncle Mehul Choksi had defrauded it by elevating credit score from different Indian banks utilizing unlawful ensures issued by rogue PNB employees.
Modi, a third-generation diamond dealer who has dressed stars together with actors Kate Winslet, Dakota Johnson and Priyanka Chopra, was a part of a CEOs assembly with Indian Prime Minister Narendra Modi on January 23 on the sidelines of the World Financial Discussion board in Davos.
He’s price $1.73bn in line with Forbes, putting him 85th on India’s wealthy record.
Modi and Choksi, who’ve each denied wrongdoing, left India earlier than the main points of the fraud turned public.
In December, a British court docket agreed that one other high-profile Indian businessman, aviation tycoon Vijay Mallya, may very well be extradited to his homeland to face fraud expenses. Mallya is at the moment interesting the choice.
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