LONDON: Fugitive billionaire jeweller Nirav Modi had been arrested in London on behalf of the Indian authorities, British police said on Wednesday.
India had asked Britain in August to extradite Modi, one of the main suspects charged in the $2 billion loan fraud at state-run Punjab National Bank (PNB), India’s biggest banking fraud.
Police said Modi, 48, had been arrested in the Holborn area of central London on Tuesday and was due to appear at London’s Westminster Magistrates Court on Wednesday.
Punjab National Bank, India’s second-largest state-run bank, in 2018 said that two jewelry groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.
Modi, a stubby man with a moustache and thin hair, was seen responding with a straight face in a video posted on Twitter by London’s Telegraph newspaper earlier this month. The newspaper reported that he was wearing a jacket that was made of ostrich hide, which would have cost at least 10,000 British pounds.
Modi and Choksi, who have both denied wrongdoing, left India before the details of the fraud became public.
In December, a British court agreed that another high-profile Indian businessman, aviation tycoon Vijay Mallya, could be extradited to his homeland to face fraud charges. Mallya is currently appealing the decision.
