Fugitive Indian Diamond Tycoon Spotted in London, Faces Extradition – Report

On Friday, the Telegraph reported that fugitive Indian billionaire Nirav Modi is living in a high-end 10-million-dollar apartment in London’s West End and is now involved in a new diamond business. In India, the 48-year-old is accused of defrauding almost two billion dollars from a state-run bank.

British Home Secretary Sajid Javid has submitted New Delhi’s request for extradition of fugitive Indian diamond tycoon Nirav Modi to a London court to initiate legal proceedings, the Times of India reports.

The newspaper cited sources in India’s Enforcement Directorate as saying on Saturday that the “move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage”.

Request for Extradition of Nirav Modi to India was sent in July 2018 to UK. The UK Central Authority of Home Office has confirmed that the Extradition Request has been sent to the Westminster Magistrate Court for the District Judge for further proceedings.

— ED (@dir_ed) 9 марта 2019 г.

The remarks come after the Indian government stated earlier in the day that they are aware of the report that Nirav Modi is in London and they have already sent a request for his extradition to the UK government.

“All necessary steps are being taken for the extradition of Nirav Modi. We have been aware of his presence in UK. It [extradition request] is under their [British government] consideration” "Indian External Affairs Ministry spokesperson Raveesh Kuma told reporters on Friday.

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Earlier, the Telegraph described Nirav Modi as “India’s most wanted man", and was tracked down by the UK newspaper “to an £8 ($10) million apartment in London’s West End”.

The Telegraph’s report, which included a video interview with the fugitive businessman, claimed that Nirav Modi had been given a Nation Insurance number, which allows him to work in the UK.

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A diamond jeweller whose designs have been worn by Hollywood stars, the 48-year-old went on the run after being accused of defrauding about two billion dollars from the state-run Punjab National Bank, in what became the biggest banking fraud case in India’s history.

Separately, he is being sued in the State of California for defrauding 4.2 million dollars from Los Angeles entrepreneur Paul Alfonso; in October 2018, Modi sold two custom diamond engagement rings to Alfonso that turned out to be lab diamonds.

The tycoon continued to remain at large even after Interpol issued a red notice for his arrest on the request of the Indian authorities in July 2018.