14:53 GMT +326 April 2019
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    (File) Actress Naomi Watts and luxury jeweler Nirav Modi, left, attend a dinner to celebrate the opening of the first Nirav Modi boutique in the U.S. on Tuesday, Sept. 8, 2015, in New York

    Indian Fugitive Diamond Tycoon Arrested in London

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    The massive Punjab National Bank fraud in India by the connivance of its own officials landed India's second-largest bank in a huge controversy and crisis, with the bank seeking the help of the country's prime investigating agency CBI to look into the matter last year.

    New Delhi (Sputnik): Fugitive Indian jeweller and bank defaulter Nirav Modi was arrested in London today at the Holborn Metro station. The further hearing for extradition procedure was fixed for 25 March.  

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

    Nirav Modi and his close associate, Mehul Choksi, are the prime suspects in the bank scam involving fake guarantees in the name of the state-run Punjab National Bank in India. The fraud case, which is estimated at around Rs. 13,000-crore ($18.5 Billion), involved secure loans overseas and when the matter came to light, both Modi and Choksi left India in January last year.

    The fleeing of both celebrity suspects preluded the Central Investigation Agency (CBI) starting to investigate the PNB scam.
    Earlier this month, Nirav Modi was in the news globally, when he was seen walking in London by a reporter of British newspaper The Telegraph.

    In the two-minute clip shared by the newspaper, Modi declines to reply anything to the reporter other than "no comments".
    On Monday, a court in the UK issued an arrest warrant against the Indian billionaire. The court was acting on a request by the Enforcement Directorate (ED) of India, which has asked for the extradition of Nirav Modi. 

    READ MORE: Interpol Issues Red Corner Notice Against Indian Fugitive

    Meanwhile, Indian media reports suggest that the Enforcement Directorate has also got permission for the appropriate authorities to auction the paintings and cars of Nirav Modi's family.

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    Tags:
    fugitive, Indians, Arrest, diamond companies, economic fugitives, court, extradition, India's Central Bureau of Investigation, Interpol, Nirav Modi, India, Delhi, United Kingdom, London
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