Fugitive billionaire Nirav Modi has been arrested in London, according to reports that mention it was revealed by the UK police. The reports also mentioned that he will be produced in court shortly.
Wanted in India in connection with the Rs 13,000 crore Punjab National Bank fraud case, he has been arrested in Holborn in central London. An Interpol red notice had been issued for his arrest.
Nirav Modi’s arrest comes on the heels of the Enforcement Directorate of India approaching the UK for his extradition. For this, an arrest warrant was issued by UK in his name three days ago after his extradition was approved by the UK government. The matter currently lies with the Home Office.
The 48-year-old Modi – whose diamond jewellery has been worn by Hollywood stars – was spotted on the streets of London less than two weeks ago by a reporter of British newspaper The Telegraph. Asked several times by the reporter various questions ranging from how long he planned to stay in Britain, what he was doing at the moment – were all met with the same “no comment” reply from Nirav Modi. In its story “Exclusive: India’s most wanted man Nirav Modi – accused of £1.5bn fraud – living openly in London”, The Telegraph reported that the newspaper had tracked him down to his apartment in London’s West End. The report said that Modi was “now involved in a new diamond business run from an office in Soho”.
Nirav Modi and his uncle Mehul Choksi are the prime accused in the Punjab National Bank scam involving fake guarantees. Both had left India last year. While Choksi’s whereabouts are known (he holds citizenship of Antigua and Barbuda and has said he is unwell and afraid to return to India for fear he might be lynched), The Telegraph report revealed that Nirav Modi was residing in London in the lap of luxury.
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